Why Are There So Many Solar Panels In Vermont

A 2012 estimate suggests that a typical 5 kw system costing 25 000 before credits and utility savings will pay for itself in 10 years and generate a profit of 34 956 over the rest of its 25 year life.

Why are there so many solar panels in vermont.

The average lifespan of a solar panel is about 20 years but high temperatures as in the mojave desert can accelerate the aging process for solar cells and snow dust and other natural events tornadoes earthquakes can cause material fatigue on the surface and in the internal electric circuits gradually reducing the panel s power. The reason that there hasn t been more parking lot solar development in vermont so far is the relative cost of the projects. If you re lucky enough to cash in on green mountain s performance payments the extra money can really add up over time and help reduce payback time frames to a pretty strong 10 years. It s because vermont has long nurtured its solar powered pioneers with incentives tax breaks and rebates.

Some are lucky enough to be eligible for additional state and local incentives. In some states such as new york south carolina and utah homeowners who install solar can receive a state tax credit on top of the federal tax credit. A solar payback period is the amount of time it takes for property owners who install solar panels to recover their initial investment through electricity savings. A 2009 study indicated that distributed solar on rooftops can provide 18 of all electricity used in vermont.

In vermont the average solar payback period is 10 06 years. The state net metering incentive for home solar is based on a law requiring public utilities to fairly credit solar customers for the energy that they add to the grid. An extra 2 cents often called the solar adder. It s also because vermont has one of the highest electricity rates in the nation.

There is currently enough solar energy installed in vermont to power over 15 200 homes saving electrical rate payers thousands of dollars every year. Things are starting to look up for solar power in vermont. The consensus on vermont solar power rebates and incentives. Put those two things together and s olar panels on your roof become as about as sweet as maple syrup financially speaking.

Regardless of the exact cost of installation there are many affordable financing options for solar panel systems. This is why so many people are considering installing solar panels on their homes now. Solar has also proven to be an economic bonus for the state the growth of solar in vermont has generated over 75 solar related businesses employing over 1 000 people. According to the vermont clean energy industry report more than 2 100 vermonters were employed in the solar electric generation sector in 2016 and solar employment was 13 percent higher than in 2015 2installing solar panels helps to sustain these jobs and to expand this sector of vermont s economy.