Solar Panel Cost Guide in Groton, CT (2023 Update)
- Groton Solar Installation Cost: $8,853
- 25-Year Savings: $18,386
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Groton
We go over average solar pricing in Groton.
The average cost of a solar system in Groton is 2.8 per watt. Since a 4.5-kW system is needed to cover the energy usage of a typical home in Groton, the average price of going solar will be about $8,859 after claiming the federal solar tax credit of 30%.
How much you pay can go higher or lower than the average in Groton based on a few factors, such as the type of solar panels you choose and the solar company you hire. For many homeowners, the upfront cost of solar power is worth paying. On average Groton homeowners see about $23,000 in savings on electricity bills over 20 years.
To get a free quote from a highly rated solar installation company in Groton, you can click the button below.
Solar savings over time in Groton
| Year | Return on Investment |
|---|---|
| 1 years | $-7,104 |
| 3 years | $-3,608 |
| 5 years | $-111 |
| 7 years | $3,386 |
| 9 years | $6,882 |
| 11 years | $10,379 |
| 13 years | $13,875 |
| 15 years | $17,372 |
| 17 years | $20,869 |
| 19 years | $24,365 |
| 21 years | $27,862 |
| 23 years | $31,359 |
| 25 years | $34,855 |
Top Solar Installers in Groton
Although it's possible to install solar panels by yourself, it takes extra effort and know-how. That's one of the reasons most people choose to go with a solar panel installer. The expertise that solar installers offer can be useful as well, especially if you aren't sure what type of solar equipment would be right for your home.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some in Groton:
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 Groton
Factors that Affect Solar Panel Costs in Groton
The cost of installing a solar system in Groton can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,800. The kind of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment is 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 researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Groton to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. You'll have to consider the long-term cost of loans, including the total 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 principal 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
A final consideration when trying to figure out the cost of solar for your home or business in Groton is the company you hire to install your PV system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Groton have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $23,954 | 8.4 years |
| 8 kW | $2.86 | $15,994 | $32,253 | 8.3 years |
| 10 kW | $2.80 | $19,600 | $40,708 | 8.1 years |
| 12 kW | $2.74 | $23,050 | $49,320 | 8.0 years |
| 14 kW | $2.69 | $26,342 | $58,089 | 7.8 years |
| 16 kW | $2.63 | $29,478 | $67,014 | 7.6 years |
| 18 kW | $2.58 | $32,458 | $76,097 | 7.5 years |
| 20 kW | $2.52 | $35,280 | $85,336 | 7.3 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Different companies carry different brands and types of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
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 Groton, CT Solar Cost FAQs
What is the average cost of installing solar panels in Groton?
This is a difficult 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. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Groton?
You can't get solar panels for free in Groton. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Groton is currently $245,041, which means you can expect a value of about $10,047 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Groton is a fruitful 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 are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use 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.