Solar Panel Cost Guide in Colchester, CT (2023 Update)
- Colchester Solar Installation Cost: $8,859
- 25-Year Savings: $18,933
- Payback Period: 8.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Colchester
We break down average solar pricing in Colchester.
The average cost of a solar system in Colchester is 2.8 per watt. Using this figure, a typical 4.5-kW system would cost about $8,859 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Colchester homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar panels is worth paying. On average Colchester homeowners see about $23,000 in savings on utility bills over 20 years.
To get a free quote from a pre-vetted solar installer in Colchester, you can click the button below.
Solar savings over time in Colchester
| Year | Return on Investment |
|---|---|
| 1 years | $-7,748 |
| 3 years | $-5,524 |
| 5 years | $-3,301 |
| 7 years | $-1,077 |
| 9 years | $1,146 |
| 11 years | $3,369 |
| 13 years | $5,593 |
| 15 years | $7,816 |
| 17 years | $10,039 |
| 19 years | $12,263 |
| 21 years | $14,486 |
| 23 years | $16,709 |
| 25 years | $18,933 |
Top Solar Installers in Colchester
Many homeowners opt for a solar panel installer since trying to install solar panels on your own can be a lot of work. Some solar companies, especially local ones, can help you better understand incentives in Colchester, thereby optimizing your ROI.
If you'd like to start using solar energy but still aren't sure which solar system installer to go with, here are our suggestions for providers in Colchester:
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 Colchester
Factors that Affect Solar Panel Costs in Colchester
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Colchester: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,800. There are several different solar panel brands and the one you pick also changes the cost. Typically, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Colchester, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a part in determining your pricing. Colchester's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $24,689 | 8.3 years |
| 8 kW | $2.86 | $15,994 | $33,232 | 8.1 years |
| 10 kW | $2.80 | $19,600 | $41,932 | 8.0 years |
| 12 kW | $2.74 | $23,050 | $50,789 | 7.8 years |
| 14 kW | $2.69 | $26,342 | $59,802 | 7.6 years |
| 16 kW | $2.63 | $29,478 | $68,973 | 7.5 years |
| 18 kW | $2.58 | $32,458 | $78,300 | 7.3 years |
| 20 kW | $2.52 | $35,280 | $87,784 | 7.2 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
- Solar Panel Brands: Different companies will offer different brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
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 Colchester, CT Solar Cost FAQs
How much does it cost to install solar panels in Colchester?
The average cost of solar panels in Colchester is about $14,000 for a 5-kW system and $28,000 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Colchester?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Is it worth going solar in Colchester?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.