Solar Panel Cost Guide in Greenwich, CT (Aug 2022)

  • Greenwich Solar Installation Cost: $9,283
  • 25-Year Savings: $19,245
  • Payback Period: 8.1 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Greenwich

Let's have a look at the average cost of solar panels in Greenwich.

The average cost of solar panels in Greenwich is $3 per watt. The average solar panel system size in Greenwich is around 4.5 kilowatts, meaning a cost of about $9,283 for a solar installation, or $6,869 after the federal solar tax credit is applied.

These figures are just estimates, and your own solar costs will look different based on your energy needs and what company you want to go with. But, after you've paid the initial cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $24,000 over 20 years on utility bills.

To receive a free quote from a pre-vetted solar company in Greenwich, you can click the button below.

Solar savings over time in Greenwich

Year Return on Investment
1 years $-8,141
3 years $-5,859
5 years $-3,577
7 years $-1,295
9 years $987
11 years $3,270
13 years $5,552
15 years $7,834
17 years $10,116
19 years $12,399
21 years $14,681
23 years $16,963
25 years $19,245

Top Solar Installers in Greenwich

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar panel installer can make your switch to solar much easier. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.

If you'd like to switch to solar energy but still aren't certain which solar company to go with, here are our suggestions for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Greenwich

Factors that Affect Solar Panel Costs in Greenwich

For many Greenwich homeowners, the decision to go solar comes down to 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 various factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

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 consumes, the larger your system will likely need to be. You can expect to pay around $2,800 per kilowatt in Greenwich. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

If paying for a solar system in cash is too expensive, solar loans are an affordable choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. 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 back the loan.

Solar Panel Installation Company

The solar panel installation company you choose will impact your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.

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 $12,929 $25,313 8.5 years
8 kW $2.86 $16,908 $34,082 8.3 years
10 kW $2.80 $20,720 $43,017 8.1 years
12 kW $2.74 $24,367 $52,117 8.0 years
14 kW $2.69 $27,848 $61,384 7.8 years
16 kW $2.63 $31,163 $70,816 7.6 years
18 kW $2.58 $34,312 $80,414 7.5 years
20 kW $2.52 $37,296 $90,177 7.3 years

Solar Incentives in Greenwich

Name Local Option - Residential Sustainable Energy Program
Website Visit here
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Eversource - Small ZREC Tariff
Incentive Amount $100.74 per REC (for Year 7 round of solicitation)Tariff for Small ZREC determined through PURA
Website Visit here
More Info Click here

Name Energy Conservation Loan
Website Visit here
More Info Click here

Name Connecticut Green Energy Building Solutions
Website Visit here
More Info Click here

Name Sales and Use Tax Exemption for Solar and Geothermal Systems
Incentive Amount 100% exemption
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% exemption for renewable energy property
More Info Click here

Name Local Option - Property Tax Exemption for Renewable Energy Systems
Incentive Amount Local Option
More Info Click here

Name Residential Solar Investment Program
Incentive Amount Customer-owned (EPBB):
Up to 10 kW PTC: $0.358/W
10 to 20 kW PTC: $0.207/W
Incentive is reduced accordingly for Design Factors below 75%. Minimum design factor is 60%.
Third-Party-Owned (PBI):
Up to 20 kW PTC: $0.03/kWh for 6 years
Minimum Design Factor 60%
Website Visit here
More Info Click here

How to Save on Solar Panels

The solar company you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:

  • Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
  • Solar Panel Brands: The kind of solar panel you need to get plays a part in which company you should opt for, since different companies provide different panels.
  • Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
  • Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two 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.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Greenwich, CT Solar Cost FAQs

What is the average cost of installing solar panels in Greenwich?

This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $14,000 for a 5-kW system and $28,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.

Is cost the most important thing to think about when buying solar panels?

Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

How will installing solar panels impact the value of my home?

Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a 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 buy 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.

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