Solar Panel Cost Guide in East Lyme, CT (Mar 2023)
- East Lyme Solar Installation Cost: $8,859
- 25-Year Savings: $18,624
- Payback Period: 8.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in East Lyme
Let's have a look at the average cost of solar in East Lyme.
The average cost of solar panels in East Lyme is 2.8 per watt. To account for the typical energy needs of the average home in East Lyme, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs around $8,859, or $12,668 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and your own solar costs will most likely vary based on the amount of energy your home requires and what company you want to go with. With typical savings of about $23,000 on power bills over 20 years, many homeowners in East Lyme find installing solar panels can be quite rewarding.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in East Lyme
| Year | Return on Investment |
|---|---|
| 1 years | $-7,760 |
| 3 years | $-5,561 |
| 5 years | $-3,363 |
| 7 years | $-1,164 |
| 9 years | $1,035 |
| 11 years | $3,233 |
| 13 years | $5,432 |
| 15 years | $7,631 |
| 17 years | $9,829 |
| 19 years | $12,028 |
| 21 years | $14,227 |
| 23 years | $16,425 |
| 25 years | $18,624 |
Top Solar Installers in East Lyme
Although it's possible to install solar panels on your own, it takes extra effort and know-how. That's one of the reasons most people choose to hire a solar panel installer. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in East Lyme
Factors that Affect Solar Panel Costs in East Lyme
There are several criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $2,800 per kilowatt in East Lyme. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. 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 getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you select will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that has the products, warranties and services you want and also is within your budget.
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 | $24,278 | 8.4 years |
| 8 kW | $2.86 | $15,994 | $32,685 | 8.2 years |
| 10 kW | $2.80 | $19,600 | $41,248 | 8.1 years |
| 12 kW | $2.74 | $23,050 | $49,968 | 7.9 years |
| 14 kW | $2.69 | $26,342 | $58,845 | 7.7 years |
| 16 kW | $2.63 | $29,478 | $67,878 | 7.6 years |
| 18 kW | $2.58 | $32,458 | $77,069 | 7.4 years |
| 20 kW | $2.52 | $35,280 | $86,416 | 7.2 years |
How to Save on Solar Panels
There are numerous companies available in East Lyme, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Different companies offer different brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: Make sure your solar installer 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: If you care about the durability of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's East Lyme, CT Solar Cost FAQs
What is the average cost of installing solar panels in East Lyme?
The average cost of solar panels in East Lyme 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in East Lyme?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The downside 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 way to go if you want to maximize your savings.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out what solar panel system size 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 house 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.