Going Solar: Breaking down the cost and savings of solar panels - Eyewitness News 3

Going Solar: Breaking down the cost and savings of solar panels

(WFSB) - If it feels like there are a lot more solar panels going up around Connecticut, that’s because there are.

Eversource says there were a record-setting 16 thousand solar installations on homes in 2023. More than 5% of Eversource customers now have solar. That’s up from only 0.5% in 2014.

The graph above shows how the percentage of Eversource customers with solar has increased since 2014.

However, solar panels are not for everyone.

Complaints to Connecticut’s Office of the Attorney General about solar companies tripled from 2022 to 2023. There were 189 complaints in 2023. That’s up from 60 complaints in 2022 and only 29 in 2021.

Common complaints include issues with the sales process, the installation and billing.

One person who is not complaining about his solar panels is Joe Grabarz in New Britain. Even on a cloudy day, he’s grateful he had panels installed eight years ago.

“As a single person this enables me to be a homeowner by reducing my utility cost. It’s been fabulous,” said Grabarz.

Grabarz has had the panels for around 8 years. He says they produce enough energy each month to cover his entire electric bill. He only pays around $10 a month for the connection charge.

“I’m saving a couple hundred dollars a month from this,” said Grabarz.

Eversource does not sell or install solar panels, but they are involved in the process of connecting solar panels to the grid.

Even with solar, customers still get a bill from Eversource each month showing their electricity usage and charging a connection fee.

Andrew Belden is Eversource Energy’s VP of Solar Programs.

“We approve that project before it’s built. The customer will then go work with their installer to get it constructed and put on their roof,” said Belden. “At that point it’s inspected by the local wiring inspector. After that point, we come out and install a new meter and at that point, you can energize your system and have it start operating.”

Because Eversource approves solar projects, they know the average installation costs between $20,000 and $30,000. The price varies depending on your energy needs.

There are 3 different ways to fund the project.

Cash: If you buy the panels outright in cash, you can own your system immediately. Take out a loan: You own the panels but will have monthly loan payments. Lease: With a lease, you typically pay nothing upfront for the installation. However, you don’t own the panels and will pay the lessor a monthly bill.

Alex Giles is the owner of Venture Solar. He explained how a lease works.

“What they are doing is they are making a monthly payment for the electricity it would generate instead of paying for the electricity from either Eversource or UI or the utility provider,” said Giles.

When deciding which payment option is best, customers should also consider the federal tax credit for solar installations. You can get 30% of the installation cost back when you file your taxes, but you must be the owner of the system. If you chose the lease option, you are not eligible for the tax credit. However, there are Connecticut incentives you may qualify for.

“There’s another incentive in Connecticut called the ‘Residential Renewable energy solutions program’ that allows you to sell your energy back to the grid at the same rate as you pay us for electricity,” said Belden. “We also provide additional incentives for income-eligible customers or customers in environmental justice communities.”

With all the factors at play, how much you can save each month depends on your situation. Belden says to be careful of companies that quote unbelievable savings.

“One of the things that we frequently hear is that installers will make projections about the savings for solar that are $100,000 to $200,000. That’s really not a credible estimate,” said Belden.

Grabarz bought his panels in cash, so there’s no monthly payment. He also received the federal tax credit.

However, for him the decision wasn’t strictly about the dollars and cents.

“I feel like this is not just helping me and my wallet, but I’m contributing to a community that I’m a part of to make it a better place,” said Grabarz.

Eversource has a number of resources to help you find out if your home is a good candidate for solar based on your location and monthly bill.

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