The cost of solar has dropped 47% in the last 5 years. And yet, only 0.61% of New Hampshire’s electricity is generated from solar. Likely one of the reasons New Hampshire’s electricity rates are ranked 6th highest in the country. With rates over 16¢/kWh for residential and over 13¢ for commercial, consumers often find a quick return on their solar investment based on the electricity rates alone. Paying 3¢ a kWh over 25-30 years versus 13¢ also produces a lot of long-term savings.
Solar costs have rapidly declined and it is now one of the cheapest sources of power in the United States. New Hampshire utilities are primarily generating power from petroleum, natural gas, and nuclear. Why pay high power prices from expensive resources? By installing solar at your facility, you can optimize your generation with one of the cheapest sources of electricity.
Why has the price of solar dropped almost 50% in just 5 years? There are many factors driving the price down. In 2017 alone, the solar sector had $160.8 billion in an investment. That’s an 18% increase in just one year. Among other things, investment leads to improved technology, including improved efficiency and manufacturing processes.
Currently the federal incentive, Investment Tax Credit (ITC), offers a 30% tax credit to investors. However, in 2020 that credit falls to 26%. In 2021, down to 22%. And in 2022 it will be eliminated. Systems that begin installation in 2019 will take advantage of falling solar prices and optimum federal incentives.
Why leave money on the table?