Solar Panel Cost Guide in East Lyme, CT (2024 Update)
- East Lyme Solar Installation Cost: $11,856
- 25-Year Savings: $34,244
- Payback Period: 10.8 Years
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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 a solar panel system in East Lyme is 4 per watt.The average solar panel system size in East Lyme is around 4.5 kilowatts, meaning a cost of about $11,856 for a solar installation, or $16,954 before the 0 federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will differ based on the amount of energy your home requires and what company you go with.For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in East Lyme see about $23,000 in savings on utility bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in East Lyme
| Year | Return on Investment |
|---|---|
| 1 years | $-10,012 |
| 3 years | $-6,324 |
| 5 years | $-2,636 |
| 7 years | $1,052 |
| 9 years | $4,740 |
| 11 years | $8,428 |
| 13 years | $12,116 |
| 15 years | $15,804 |
| 17 years | $19,492 |
| 19 years | $23,180 |
| 21 years | $26,868 |
| 23 years | $30,556 |
| 25 years | $34,244 |
Top Solar Installers in East Lyme
Although it's possible to install solar panels on your own, it involves extra energy and knowledge. Because of that, most homeowners choose to go with a solar panel installer. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
You can get a free estimate from a local solar installer on how much your investment in solar 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in East Lyme
Factors that Affect Solar Panel Costs in East Lyme
There are many factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar energy system you need, 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 about $3,750. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. In addition, extra products, such as solar batteries, can bump up your total well above the East Lyme average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in East Lyme, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in East Lyme, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in East Lyme know more 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 | $3.90 | $16,380 | $20,129 | 11.2 years |
| 8 kW | $3.83 | $21,420 | $27,258 | 11.0 years |
| 10 kW | $3.75 | $26,250 | $34,598 | 10.8 years |
| 12 kW | $3.67 | $30,870 | $42,147 | 10.6 years |
| 14 kW | $3.60 | $35,280 | $49,907 | 10.4 years |
| 16 kW | $3.52 | $39,480 | $57,877 | 10.1 years |
| 18 kW | $3.45 | $43,470 | $66,056 | 9.9 years |
| 20 kW | $3.38 | $47,250 | $74,446 | 9.7 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you know 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's East Lyme, CT Solar Cost FAQs
How much does it cost to install solar panels in East Lyme?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $18,750 for a 5-kW system and $37,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in East Lyme?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home 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.
How much can I save on energy bills after installing solar panels?
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 $1,216.96 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.