Solar Panel Cost Guide in Essex, CT (2023 Update)
- Essex Solar Installation Cost: $8,898
- 25-Year Savings: $18,121
- Payback Period: 8.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Essex
Find out what the average cost of solar panels are in Essex.
The average cost of a solar panel system in Essex is 2.8 per watt. To cover the typical energy needs of the average home in Essex, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs about $8,898, or $12,724 before the federal solar tax credit of 30% is applied.
These figures are only averages, and the cost of going solar for you will vary based on factors unique to your home and what company you want to go with. With average savings of about $23,000 on energy bills over 20 years, many homeowners in Essex find going solar can pay off big.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Essex
| Year | Return on Investment |
|---|---|
| 1 years | $-7,818 |
| 3 years | $-5,656 |
| 5 years | $-3,494 |
| 7 years | $-1,333 |
| 9 years | $829 |
| 11 years | $2,990 |
| 13 years | $5,152 |
| 15 years | $7,313 |
| 17 years | $9,475 |
| 19 years | $11,636 |
| 21 years | $13,798 |
| 23 years | $15,960 |
| 25 years | $18,121 |
Top Solar Installers in Essex
Many homeowners opt for a solar installation company since installing solar panels by yourself can be time-consuming. The expertise that solar installers offer can be helpful as well, especially if you don't quite know what brand of solar equipment you need.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Essex
Factors that Affect Solar Panel Costs in Essex
While the average cost of a solar system in Essex is $8,898, your final cost may differ. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
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 around $2,800. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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, like solar batteries, can bump up your total well above the Essex average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Essex homeowners choose to finance their solar panel systems to offset upfront costs. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can impact your pricing. Essex's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions 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 | $23,511 | 8.6 years |
| 8 kW | $2.86 | $15,994 | $31,661 | 8.4 years |
| 10 kW | $2.80 | $19,600 | $39,968 | 8.2 years |
| 12 kW | $2.74 | $23,050 | $48,432 | 8.1 years |
| 14 kW | $2.69 | $26,342 | $57,053 | 7.9 years |
| 16 kW | $2.63 | $29,478 | $65,831 | 7.7 years |
| 18 kW | $2.58 | $32,458 | $74,765 | 7.6 years |
| 20 kW | $2.52 | $35,280 | $83,856 | 7.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Warranty: If you're worried about the longevity of your solar energy system, making sure your company 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 Essex, CT Solar Cost FAQs
What is the average cost of installing solar panels in Essex?
The average cost of solar panels in Essex 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 things like the kind 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 Essex?
Leasing solar panels can be an attractive choice, because it typically 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact my home value?
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 Essex is currently $406,663, which means you could be looking at a value of about $16,673 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Essex is a fruitful investment.
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 needs 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 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.