Solar Panel Cost Guide in East Lyme, CT (2023 Update)
- East Lyme Solar Installation Cost: $8,853
- 25-Year Savings: $18,630
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in East Lyme
We break down average solar pricing in East Lyme.
The national average cost of solar panels is $2.66 per watt, but in East Lyme it's 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.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar panels you want to get, your solar contractor and more. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in East Lyme can save around $23,000 on their energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in East Lyme
| Year | Return on Investment |
|---|---|
| 1 years | $-8,761 |
| 3 years | $-8,578 |
| 5 years | $-8,395 |
| 7 years | $-8,211 |
| 9 years | $-8,028 |
| 11 years | $-7,845 |
| 13 years | $-7,662 |
| 15 years | $-7,478 |
| 17 years | $-7,295 |
| 19 years | $-7,112 |
| 21 years | $-6,929 |
| 23 years | $-6,746 |
| 25 years | $-6,562 |
Top Solar Installers in East Lyme
Although it's possible to install solar panels yourself, it takes extra energy and expertise. For that reason, the majority of homeowners choose to hire a solar panel installer. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be right for you.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in East Lyme:
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 East Lyme
Factors that Affect Solar Panel Costs in East Lyme
Although the average cost of a solar system in East Lyme is $8,859, your final cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar energy system in East Lyme, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,800 for each additional kilowatt you need. The kind of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than 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 looking for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many East Lyme homeowners opt to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, 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 original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can affect the cost. East Lyme's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in East Lyme have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $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 to choose from 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:
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies will have various brands and types of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Warranty: If you're concerned about the durability of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 East Lyme, CT Solar Cost FAQs
How much does it cost to install solar panels in East Lyme?
This is a tough question to answer precisely, because the cost depends on a variety of 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 cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in East Lyme?
Leasing solar panels can be an appealing choice, because it usually 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 way to go if you want to get the most savings.
How will having solar panels impact the value of my home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in East Lyme is currently $316,485, so you can look forward to a value of about $12,976 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in East Lyme is a rewarding investment.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.