If you live on the East Coast you need to get familiar with New Hampshire solar incentives! If going solar seems too expensive for you these will help make choosing a greener power source much easier and much more affordable! Along with federal solar incentives, states like New Hampshire have been steadily adding to their incentive program to help people like you get solar on their homes more affordably. Running your home or business on solar power will benefit you, the environment, and your government. It may seem ridiculous that the state is willing to lose your monthly energy expense, however in the long run this will help both you and them moving forward. Offering solar incentives to qualifying residents is a clever move. In this article, I share what these solar incentives are and how you can benefit from them.
What Are State Solar Incentives?
State incentives are rewards given to citizens by the state government. These rewards are connected to a specific action. State solar incentives are meant to motivate you to install solar power at your home or business. Not all incentives are in the form of cash or tax credits. There are a few small rewards that you can get from your state government.
Type of State Solar Incentives
Rebates: The government can refund a percentage of your spending on something. This rebate can be in the form of cash or tax credit.
Tax Credits: The most popular incentive is a tax credit. This is when the government gives you credit on your income tax, which means you pay less monthly.
Subsidies: You won’t get any money back with subsidies but qualify for a discount. Some subsidies even exempt you from paying, which means you get it free.
Financial Incentives: Some states offer cash refunds or cash payments as rewards. These aren’t as popular as tax credits, but they are more likely to motivate people.
State incentives are a way to boost economic activity. They’re usually offered for doing things that are good for the state, the citizens, and the economy. State solar incentives get people to move to solar, which moves the state forward. Solar is better for the environment, it increases your property value and counts as an injection into the economy.
What New Hampshire Solar Incentives Offer
Federal Solar Investment Tax Credit
The federal tax credit isn’t an incentive by the New Hampshire state, but you could still qualify for it. This reward is offered to all 50 states in the US. The incentive is in place until 2034 and rewards you with 30% of the cost in the form of a tax credit. If your solar panels cost $10 000, you can get a $3000 discount on your income taxes! The percentage won’t always be 30%. It decreases yearly, so you should move fast if you want this tremendous benefit.
Local Renewable Energy Property Tax Exemption
You don’t have to be wary of buying solar panels and increasing your property value in New Hampshire. The state offers a property tax exemption. Solar panels may increase the value of your property, but your property tax won’t grow with it.
Residential Renewable Electrical Generation Rebate Program
The New Hampshire state government will give you a cash rebate if you buy new solar panels. You can get up to $1000 back on your purchase. The state gives you $200 back for every kilowatt that you install. If your kilowatts are more than 5, the maximum you can get is $1000. The other rebate they may give you is 30% of the total amount you spent on the panels. They choose whichever is the smaller amount.
New Hampshire Low-Income Energy Assistance Program (LIHEAP)
This incentive is in the form of a subsidy or loan. The state will help you buy new solar panels by financing your purchase when you can’t afford it. This great initiative helps the poorest households switch to solar and save some money on electricity.
You can save money with net metering by using less electricity than your solar panels generate. The electricity that you don’t use gets sent back to the grid. The state uses it for something else since you technically don’t pay for the electricity generated. You get paid for this electricity through a discount on your next utility bill.
Are New Hampshire Solar Incentives Worth It?
New Hampshire solar incentives benefit all parties involved. The Granite State New England is still as beautiful as it was over 200 years ago when the United States was founded. There are rivers, mountains, and forests that will take your breath away and moving towards more sustainable energy is one way to ensure that this state remains beautiful! The main concern of the New Hampshire state government is to conserve this natural state by limiting pollution producing as much sustainable energy as possible.
The people of this great state don’t want to chop down more forests to accommodate coal electricity plants, or tear down more mountain digging for resources and one way to slow this down is to choose solar power. Solar is better for the environment and doesn’t take up any natural space. The economy gets a significant boost if more people switch to solar and invest in these systems. No fossil fuels are burning to generate electricity, and solar panels increase your property value. The average cost of installing solar panels to power your entire house can be expensive. It currently falls between $14 000 and $20 000 in New Hampshire. The state government incentives make these costs somewhat more bearable.
With the LIHEAP incentive, you can get some assistance with paying for your new solar panels. There are ways to apply for funding that can cover the costs, so you don’t have to save up for years. Besides the government, you benefit too! Your monthly power bills will decrease, and you won’t be impacted by any power outages.
Using the state solar incentive program will harm you in no way. You’ll get benefit upon benefit and help contribute to a cleaner environment. With the energy demand increasing by the day, regular blackouts are predicted for the future. Solar power will ensure your lights stay on. The government provides these incentives to help them and make it easier for you to switch your primary power source. I hope this article motivates you to learn more about the New Hampshire solar incentives. If you qualify, let me know in the comments! Any other questions are also welcome.