Solar Panel Cost Guide in Derby, CT (2023 Update)
- Derby Solar Installation Cost: $8,874
- 25-Year Savings: $21,486
- Payback Period: 7.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Derby
Find out what the average cost of a solar system is in Derby.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Derby, the typical cost of solar panels is 2.8 per watt. Because a 4.5-kW system is needed to cover the energy consumption of a typical home in Derby, the average price of going solar will be about $8,879 after claiming the federal solar tax credit of 30%.
The true cost of your system can be above or below the average in Derby depending on a few factors, such as the model of solar panels you choose and the solar installer you hire. For many homeowners, the upfront investment in solar is worth paying. On average Derby homeowners see about $25,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a top solar installer in Derby for a quote for your home.
Solar savings over time in Derby
| Year | Return on Investment |
|---|---|
| 1 years | $-7,030 |
| 3 years | $-3,342 |
| 5 years | $346 |
| 7 years | $4,034 |
| 9 years | $7,722 |
| 11 years | $11,410 |
| 13 years | $15,098 |
| 15 years | $18,786 |
| 17 years | $22,474 |
| 19 years | $26,162 |
| 21 years | $29,850 |
| 23 years | $33,538 |
| 25 years | $37,226 |
Top Solar Installers in Derby
Trying to install solar panels yourself can be a dangerous undertaking, which is why using a solar installation company is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Derby
Factors that Affect Solar Panel Costs in Derby
For many Derby homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Derby, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Derby, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid route because they lower your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Derby is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different price points. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $28,003 | 7.6 years |
| 8 kW | $2.86 | $15,994 | $37,651 | 7.5 years |
| 10 kW | $2.80 | $19,600 | $47,456 | 7.3 years |
| 12 kW | $2.74 | $23,050 | $57,418 | 7.2 years |
| 14 kW | $2.69 | $26,342 | $67,536 | 7.0 years |
| 16 kW | $2.63 | $29,478 | $77,812 | 6.9 years |
| 18 kW | $2.58 | $32,458 | $88,244 | 6.7 years |
| 20 kW | $2.52 | $35,280 | $98,833 | 6.6 years |
How to Save on Solar Panels
There are a large number of companies available in Derby, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 Derby, CT Solar Cost FAQs
How much does it cost to install solar panels in Derby?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,000 for a 5-kW system and $28,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Derby?
You can't get solar panels for free in Derby. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,341.13 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.