In recent years, many New Hampshire residents have decided to make the switch to solar energy. Recent studies and statistics show that this is the right move. The average electric bill in New Hampshire is significantly lower for those who rely on solar energy as opposed to those who don’t. If you would like to learn more about the cost of an electric bill after solar panels, then keep reading. We’re going to break down exactly why solar panels are a good investment for New Hampshire residents looking for lower energy prices.
What Do the Facts Say?
Let’s start with the facts. Right now, the average electric bill in New Hampshire totals $191 per month or $2,292 per year. Nationwide, the average electric bill is $1,892, meaning that New Hampshire energy prices are over 20% higher than the national average. There are a variety of reasons for why this is, but the takeaway is that New Hampshire residents spend a lot of money each year on their energy bill.
That said, studies show that New Hampshire residents can lower their energy bills by harvesting the power of solar energy. One recent study shows that solar energy saved New England ratepayers over $1.1 billion over just a five-year span. That is an absolutely gigantic amount of savings considering that solar is still an up-and-coming energy source.
Furthermore, in 2020, the International Energy Agency – also known as the IEA – declared solar energy to be the “cheapest electricity in history.” At this point, the cost of solar energy isn’t really up for debate. However, solar energy is undoubtedly a long-term investment rather than something from which you should immediately expect a return on investment. That said, you don’t have to wait too long to see savings.
What Does it Cost to Install Solar Panels?
As you might expect, the cost of solar panels can vary significantly depending on the size of your home and how many solar panels you install. That said, the average cost of installation in New Hampshire ranges from $11,159 to $13,639 once you factor in the 26% federal tax credit that is granted to homeowners who decide to switch to solar. Obviously, that is no small investment, and we understand why it prevents many people from making the jump to solar energy. However, those who do decide to make the transition save big money in the long run.
How Much Money Will I Save Over Time?
So this is the key question when it comes to the value of solar energy. How much will you save using it? On average, New Hampshire residents save between $35,517 and $43,409 on their energy bills over a 25-year period. Your first 6-7 years using solar energy typically serve to pay back the money you invested to install your solar system. After that, everything else is pure savings and you can just reap the benefits of solar energy.
Of course, all of the statistics we cite are based on averages and there are significant differences in costs and savings as you move across the state of New Hampshire. That said, you cannot find a region in New Hampshire that has not saved money on their energy bill from investing in solar. If you can afford to make the transition, we promise you that solar will lower your New Hampshire energy cost.
How Long Do Solar Panels Last?
At this point, you may be asking yourself: “Okay, so I’m willing to invest in solar, but how long will my solar panels actually last?” This is a great question! The reason we discussed savings in terms of a 25-year period is because solar panels are expected to last for at least 25 years. In many cases, solar panels will last over 30 years and their longevity and durability has only continued to improve in recent years. In other words, the numbers we quoted above are actually on the low end of what you could ultimately save.
Is Solar Energy Effective in New Hampshire?
The efficacy of solar energy in New Hampshire is often a surprise to NH residents. Many people assume that New Hampshire’s climate is not conducive to solar panels, given the relative lack of sunlight it receives compared to other states and its distance from the equator. While it is true that New Hampshire solar panels will not be quite as effective as, say, Arizona solar panels, there is still plenty of sunlight in NH. Even if we experience a few more cloudy days than other regions, you will still save a lot of money overall on your average electric bill in New Hampshire.
In addition, the snow that New Hampshire receives even has some benefits when it comes to solar panels. Although you never want your solar panels to be completely buried by the snow, snow actually helps to keep your panels clean which will in turn make them more efficient when the sun does come back out.
Do Not Lease Solar Panels!
One thing we do want to emphasize is that if you are thinking of making the switch to solar, make sure you pay to install solar panels you own and do not fall victim to solar panel leasing. Because the solar energy industry is booming right now, many companies are starting to pop up which offer predatory leases that look good on the surface, but not so good once you read the fine print. You may think you are saving money with these leases, but we promise you that is not the case. This is a topic unto itself which is why we wrote an entire blog covering it which you can check out here.
Trust Energy Shield for All of Your Solar Needs
Of course, none of this means anything if you do not have a solar installation company you can trust. That’s where Energy Shield comes in. Energy Shield is New Hampshire’s top solar contractor, as we’ve dedicated over 40 years to creating energy efficient homes. Visit our homepage for all of our contact information or to schedule a free estimate. Energy Shield is the most trusted and experienced solar company in New Hampshire so you can rely on us for all of your solar needs.
