Newmarket Homeowner Saves $10,000 on Solar Electric System and Locks in Low Electricity Rate for 40 Years
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Joe Persechino had wanted to invest in solar energy for years, but the economics were challenging due to system costs and a lack of incentives in northern New England.
Things changed in July 2009 when the NHPUC introduced a $6,000 solar rebate for homeowners to complement the existing 26% federal tax credit. In response to the incentives, Joe contacted ReVision Energy in late 2009 and recently had us install a 3.2 kilowatt grid-tied photovoltaic system on his home.
When it was all said and done, the system benefited from about $10,000 in federal and state incentives. Joe’s system will generate roughly 4,300 kilowatt hours of clean electricity per year, or about 70% of the household’s total electric demand. This system will also eliminate more than 5,700 lbs. of CO2 emissions per year.
From an investment standpoint, Joe will achieve simple payback in less than 10 years, assuming today’s electricity rates, which are set to increase as Maine and NH ratepayers will be paying for CMP’s recently approved $1.4 billion transmission upgrade project for years to come (in fact, this is already happening – on June 1, Bangor Hydro announced an immediate 4% rate hike).
The great news is that the solar electric panels come with a 25-year warranty and 40-year expected useful lifespan. This means that Joe has effectively locked in his own clean power rate for the next four decades, thereby deriving both economic and environmental benefits that are unobtainable through any other investment strategy available in the world today.
In addition to the high quality system installation, Joe appreciated the extensive paperwork assistance provided by Jen Hatch and Will Kessler of ReVision Energy – two people who know more about NH’s rebate applications than just about anyone. According to local building inspector Dan Vincent, this was the first photovoltaic system installed in Newmarket.
“We are now proud and happy owners of a sun powered electrical plant right in our own home!” Persechino said, “I would recommend Revision Energy to anyone. In fact my wife’s parents are having a PV system installed at their house.”
From our Residential Solar Photo Gallery:
[zenphotopress album=235 number=30]
For more installations, see our Solar Projects Map