Solar Panel Cost Guide in Canterbury, CT (2023 Update)
- Canterbury Solar Installation Cost: $9,162
- 25-Year Savings: $17,857
- Payback Period: 8.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Canterbury
Let's have a look at the average cost of solar in Canterbury.
In Canterbury, solar panels cost about 2.8 per watt on average. To account for the typical energy usage of the average home in Canterbury, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $9,153, or $13,089 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar system you choose, your solar contractor and more. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $22,000 over 20 years on energy bills.
Click the button below to get connected to a vetted solar installer in your area for a customized quote.
Solar savings over time in Canterbury
| Year | Return on Investment |
|---|---|
| 1 years | $-7,318 |
| 3 years | $-3,630 |
| 5 years | $58 |
| 7 years | $3,746 |
| 9 years | $7,434 |
| 11 years | $11,122 |
| 13 years | $14,810 |
| 15 years | $18,498 |
| 17 years | $22,186 |
| 19 years | $25,874 |
| 21 years | $29,562 |
| 23 years | $33,250 |
| 25 years | $36,938 |
Top Solar Installers in Canterbury
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Using a solar panel installer can make swapping over to solar power much easier. Plus, if you'd like to maximize your investment in solar power, opting for a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Canterbury
Factors that Affect Solar Panel Costs in Canterbury
For many Canterbury homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Canterbury, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,800. The type of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Canterbury, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can play a part in your total costs. There are about 3 solar panel companies in Canterbury, and each can charge varying amounts for labor and equipment. Additionally, some companies in Canterbury are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.91 | $12,230 | $22,450 | 8.8 years |
| 8 kW | $2.86 | $15,994 | $30,247 | 8.6 years |
| 10 kW | $2.80 | $19,600 | $38,201 | 8.5 years |
| 12 kW | $2.74 | $23,050 | $46,311 | 8.3 years |
| 14 kW | $2.69 | $26,342 | $54,579 | 8.1 years |
| 16 kW | $2.63 | $29,478 | $63,003 | 8.0 years |
| 18 kW | $2.58 | $32,458 | $71,584 | 7.8 years |
| 20 kW | $2.52 | $35,280 | $80,322 | 7.6 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Canterbury, CT Solar Cost FAQs
How much does it cost to install solar panels in Canterbury?
The average cost of solar panels in Canterbury is about $14,000 for a 5-kW system and $28,000 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Canterbury?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Does Canterbury have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.