If you are a property owner in New Hampshire, now is a great time to purchase a new solar energy system. With energy costs rising across the United States, especially in New Hampshire, solar power has become a great option for homeowners and businesses to lower their electricity bills.
Now, the government of New Hampshire has made it even easier for residents to purchase solar panels, thanks to its introduction of various tax credits and rebates designed to lower the costs associated with your purchase. Keep reading to learn how your purchase and installation of solar panels can be made more financially attainable.
The Best Solar Incentives, Tax Credits, and Rebates in New Hampshire
There are several public and private incentives in New Hampshire that help you save on your purchase of solar panels in New Hampshire:
|Federal Solar Tax Credit (ITC)||If you live in New Hampshire, you can take advantage of the Federal Solar Tax Credit and get a rebate of 30% applied to your tax return. In New Hampshire, residents enjoy an average ITC of $4,615.||2032|
|New Hampshire Solar Sales Tax Exemption||There is no sales tax in New Hampshire, meaning you don’t need to worry about paying additional taxes at the till on your purchase of solar panels.||None|
|New Hampshire Solar Property Tax Exemption||Property owners will not have to pay additional property taxes in New Hampshire on the added value to their homes created when they install solar energy systems.||None|
|Net Metering||Net metering enables homeowners that produce extra energy to use it as a credit on their next electric bill. All energy providers are required to offer this option to homeowners.||None|
|USDA REAP GRANT||REAP helps agricultural producers and rural small businesses reduce their energy costs and consumption by providing loan financing and grant funding to purchase and install renewable energy systems. Eligible participants in the REAP program are agricultural producers, with at least 50 percent of their gross income coming from agricultural operations and small businesses in eligible rural areas.||None|
|Residential Small Renewable Energy Rebate Program||This program provides rebates of $200 per kilowatt of solar panel power installed up to $1,000 or 30% of the total cost of your solar energy system.||None|
|Eversource Connected Solutions Energy Storage Rebate||If you live in New Hampshire and are a customer of Eversource, you can be compensated for sharing your solar energy storage with the utility during high-demand hours.||None|
|Renewable Energy Certificate (REC) Program||The REC program allows residents of New Hampshire to earn and sell credits for the solar power their systems produce. While the REC market is not very active in New Hampshire at the moment, there is a good chance that it will pick up.||None|
|The Commercial & Industrial (C&I) Solar Incentive Program||This program offers financial incentives of up to 25% of the total solar project cost or $10,000, whichever is less. The program is only available to commercial structures in New Hampshire with electric meters.||None|
|The Community Development Finance Authority Clean Energy Fund||Businesses, towns, and nonprofits can use this fund to navigate the energy investment financing process.||None|
Federal Investment Tax Credit (ITC)
The Federal Solar Investment Tax Credit (ITC) is a 30% federal tax credit for purchased home solar systems. With the passage of the Inflation Reduction Act, this program has been extended through the end of 2032. In New Hampshire, residents enjoy an average ITC of $4,615. This credit will be applied to any federal income taxes you owe during the year your solar energy system is installed.
New Hampshire Solar Sales Tax Exemption
New Hampshire does not have a sales tax, so there is no need to worry about a sales tax exemption for your solar energy system.
New Hampshire Solar Property Tax Exemption
The New Hampshire solar property tax exemption excludes the added value of a solar installation in New Hampshire from your home’s value for tax purposes.
New Hampshire Net Metering
Net metering is a policy that enables your solar panels to be connected to the public-utility power grid. When your panels create surplus power, it will be transferred to the grid. You can offset the cost of power drawn from the electricity grid due to net metering. The minimum compensation you’ll receive is the avoided-cost rate, which is below the retail rate. While the policy specifics of net metering programs will vary among providers, this remains massively beneficial for solar owners.
Residential Small Renewable Energy Rebate Program
This program provides rebates of $200 per kilowatt of solar panel power installed up to $1,000 or 30% of the total cost of your solar energy system.
Eversource Connected Solutions Energy Storage Rebate
If you live in New Hampshire and are a customer of Eversource, you can be compensated for sharing your solar energy storage with the utility during high-demand hours.
Renewable Energy Certificate (REC) Program
The REC program allows residents of New Hampshire to earn and sell credits for the solar power their systems produce. Unfortunately, the REC market is not very active in New Hampshire, but there is a good chance that it will pick up.
Commercial New Hampshire Solar Incentives
Solar Incentives for Nonprofits and Businesses in New Hampshire
The Commercial & Industrial (C&I) Solar Incentive Program offers financial incentives of up to 25% of the total solar project cost or $10,000, whichever is less. The program is only available to commercial structures in New Hampshire with electric meters.
The Community Development Finance Authority Clean Energy Fund assists businesses, towns, and nonprofits navigate the energy investment financing process.
The 30% federal ITC is also available for non-tax-exempt businesses. Like the residential tax credit program, this has been extended through the end of 2032.
USDA REAP Grant
The United States Department of Agriculture (USDA) has created a program designed to help spur investments in clean energy called the Rural Energy for America Program (REAP). REAP assists agricultural producers and rural small businesses in lowering energy costs and consumption by providing loan financing and grant funding to purchase and install renewable energy systems.
Eligible participants in the REAP program are agricultural producers, with at least 50 percent of their gross income coming from agricultural operations and small businesses in eligible rural areas.
Why Go Solar in New Hampshire?
Solar energy has been on the rise throughout the United States. Over the last decade, solar energy has seen an increase in popularity in New Hampshire, partly due to the state incentivizing the use of solar power among homeowners and businesses. In the coming years, likely, the solar industry in New Hampshire will only continue to grow.
New Hampshire offers many reasons to purchase and install a photovoltaic solar energy system on your property. With nearly 198 sunny days per year, slightly below the national average of 205 days, New Hampshire has a decent climate for solar energy production. Plus, with improvements in solar panel technology, solar energy can be produced even in colder and cloudier climates. Installing solar panels will also reduce your reliance on fossil fuels, reduce your carbon footprint, and ultimately help mitigate the onset of climate change.
Finally, solar panels can make your home far more valuable. According to Zillow, the average home experiences a 4.1% increase in value after adding a solar power system. As a result, an average home in New Hampshire worth $418,382 will see its value increase by an average of $17,154 with the addition of new solar panels. The additional value could be higher if you live in more expensive areas.
Sold on solar for your home? Get a free quote from local solar installers.
New Hampshire Solar Cost
The average cost of a 5 kilowatt (kW) solar panel installation in New Hampshire ranges from $14,578 to $19,722. On a cost-per-watt basis, solar panel installation in New Hampshire averages $3.43. Solar panels have fallen in price in New Hampshire by more than 80% over the past decade.
How Much Can You Save on Solar in New Hampshire?
Property owners in New Hampshire can save on electricity bills with solar panels and other renewable energy systems. When solar panels produce electricity for your home, they can reduce the energy you pull from the grid, thus lowering your bills. Because residents of New Hampshire spend an average of $120.01 per month on energy bills, their savings from solar can amount to $1,440 per year.
The average payback period is nine years, meaning that you will make back the amount you spent on installation costs after nine years of usage. You can expect to save as much as $28,409 over the estimated 25-year life of your solar panel system.
Final Thoughts: The Best New Hampshire Solar Incentives
New Hampshire is a great state to invest in residential, commercial, or industrial solar energy systems. With financial assistance from the federal government, the state government, and additional local tax incentives, New Hampshire residents have a wealth of support to draw from when purchasing solar panels.
Solar will only become more and more valuable as the cost of other energy sources like oil, gas, and coal grow increasingly expensive in the coming years.
Like other renewable energies, you can feel confident knowing there is no finite amount of solar energy on the earth. So long as it is sunny, or at least partially sunny, you can expect to reap the rewards of installing solar panels. If you are interested in purchasing, there are some of the most reputable solar panel manufacturers that can install solar panels near you.
Today’s Homeowner’s Solar Companies Rating Methodology
At Today’s Homeowner, transparency and trust are our most important values for the reader. That’s why we took the time to create an objective rating system and score each solar energy company/service according to our methodology.
Our research team dug deep into the fine print of contracts, combed through more than one hundred customer reviews, and thoroughly investigated all of each solar energy company’s services, costs, and products. We’ve done the homework for you by researching nearly all of the solar energy companies on the market so you can have the information you need to make the best choice for your home.
We developed a formula to objectively determine the best solar energy companies and give each a score out of 100 based on the following criteria:
- Plan Options (30): Do they provide a variety of plan options? We looked at the number of plans each solar energy company offered and the flexibility of adjusting the plan.
- Services offered (20): How many services are offered in each plan? We looked at whether the company manufactures its own solar panels, whether it contracts out installation, and what additional products each company offers.
- Trust (10): What do customers say after their solar panels are installed? Does this company offer a guarantee? We considered how satisfied customers are post-service if the company does what it says it will, BBB accreditation, and service guarantees.
- Prices (10): How reasonable are the costs of the plan or service in comparison to the industry average? We compared the costs of each company to competitors that offer the same solar energy services.
- Unique perks (10): Does the company offer discounts or special services such as financial incentives, rebates, or a useful mobile app? We looked for extras each company offers that set them apart from the competition.
- Customer Service (10): How is the customer experience when contacting the company? We considered the speed of response, weekend/holiday availability, and ease of communication through phone calls, email, and online chat functions.
- Nationwide availability (10): How many states does the company offer its services? Companies that operate nationally and in all zip codes are favored over those with limited availability.
Frequently Asked Questions
Is solar worth it in New Hampshire?
You should consider buying a new solar energy system in New Hampshire. Solar can save you tons of money on your utility bills and help reduce your production of emissions and your carbon footprint. Various federal, state, and local financial incentives can make buying solar panels accessible to anyone.
How much will my electricity bill go down with solar in New Hampshire?
On average, residents of New Hampshire spend $120.01 per month on energy bills, which means that potential savings from solar can amount to $1,440 per year. The average payback period is nine years, meaning that you will make back the amount you spent on installation after nine years of usage. You can expect to save as much as $28,409 over the estimated 25-year life of your solar panel system.
How much does it cost for solar panels in New Hampshire?
The average system cost of a 5 kilowatt (kW) solar panel installation in New Hampshire ranges from $14,578 to $19,722. On a cost-per-watt basis, solar panel installation in New Hampshire averages $3.43. Solar panels have fallen in price in New Hampshire by more than 80% over the past decade.
Can you get solar panels for free in New Hampshire?
While it is unlikely that you can get solar panels for free in New Hampshire, numerous federal, state, and local financial incentives can significantly minimize the costs associated with purchasing a new solar energy system.
What solar rebates are available in New Hampshire?
There are federal solar tax credits, New Hampshire solar rebates, and local financial incentives for purchasers of solar energy systems in the state. These include the Federal Solar Investment Tax Credit (ITC), the New Hampshire Property Tax Exemption, and several private or non-government incentive programs.
How many homes in New Hampshire have solar panels?
New Hampshire has enough solar installed to power more than 26,827 homes, accounting for 1.12% of the state’s electricity production.
Do solar panels increase property taxes in New Hampshire?
No, the New Hampshire Solar Property Tax exemption excludes the added value of a solar installation in New Hampshire from your home’s value for tax purposes.
How much can you write off for solar panels on taxes in New Hampshire?
New Hampshire taxpayers can write off many costs associated with purchasing new solar energy systems. For more information about incentive programs, check out this database of state incentives.