Solar Panel Cost Guide in Greenwich, CT (2024 Update)
- Greenwich Solar Installation Cost: $11,749
- 25-Year Savings: $19,755
- Payback Period: 10.3 Years
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Average Cost of Solar Panels in Greenwich
Find out what the average cost of solar panels are in Greenwich.
The average cost of a solar panel system in Greenwich is 4 per watt.Using this figure, a typical 4.5-kW system would cost about $11,749 before the 0 federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Greenwich depending on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.Despite the large initial cost, the average Greenwich homeowner can save around $24,000 on their electricity bills over 20 years, which is one of the perks of solar.
To receive a free estimate from a pre-vetted solar installation company in Greenwich, you can click the button below.
Solar savings over time in Greenwich
| Year | Return on Investment |
|---|---|
| 1 years | $-9,849 |
| 3 years | $-6,048 |
| 5 years | $-2,248 |
| 7 years | $1,552 |
| 9 years | $5,353 |
| 11 years | $9,153 |
| 13 years | $12,954 |
| 15 years | $16,754 |
| 17 years | $20,554 |
| 19 years | $24,355 |
| 21 years | $28,155 |
| 23 years | $31,956 |
| 25 years | $35,756 |
Top Solar Installers in Greenwich
When switching to solar energy, many homeowners choose to hire a solar installation company since installing a solar system yourself can be a time-consuming project. The expertise that solar companies offer can be useful as well, particularly if you don’t quite know what kind of solar equipment would be right for your home.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
See all of the solar companies in Greenwich
Factors that Affect Solar Panel Costs in Greenwich
For many Greenwich homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Greenwich, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of solar panels in Greenwich, one of the most important 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 usage, which you can determine by looking at past electricity bills. Your overall cost can increase by around $3,750 for each additional kilowatt you need.The kind of solar equipment you choose can bring your price up or down 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 electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the Greenwich average.
Solar Financing Terms
Many homeowners find the average cost of solar in Greenwich to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time because of interest.You’ll have to consider the long-term cost of financing options, 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 more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Greenwich, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $21,862 | 10.7 years |
| 8 kW | $3.83 | $21,420 | $29,569 | 10.5 years |
| 10 kW | $3.75 | $26,250 | $37,487 | 10.3 years |
| 12 kW | $3.67 | $30,870 | $45,614 | 10.1 years |
| 14 kW | $3.60 | $35,280 | $53,951 | 9.9 years |
| 16 kW | $3.52 | $39,480 | $62,499 | 9.7 years |
| 18 kW | $3.45 | $43,470 | $71,256 | 9.5 years |
| 20 kW | $3.38 | $47,250 | $80,223 | 9.3 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
EcoWatch's Greenwich, CT Solar Cost FAQs
How much does it cost to install solar panels in Greenwich?
The average cost of solar panels in Greenwich is about $18,750 for a 5-kW system and $37,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type 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 Greenwich?
Leasing solar panels can be an attractive choice, as it usually 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Greenwich?
The majority of states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
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 usually produce about 250 to 400 watt-hours per hour, the average home 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.