Solar Panel Cost Guide in Hamden, CT (Aug 2022)
- Hamden Solar Installation Cost: $9,386
- 25-Year Savings: $20,959
- Payback Period: 7.7 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Hamden
Find out what the average cost of solar panels are in Hamden.
The average cost of solar panels in Hamden is $3 per watt. The average solar panel system size in Hamden is around 4.5 kilowatts, meaning a cost of about $9,386 for a solar installation, or $6,946 after the federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you will most likely differ based on your specific situation and what company you go with. But, once you've paid the initial cost of installation, the payback for most homeowners is usually good, with a net average savings of about $25,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar company in Hamden for a quote for your home.
Solar savings over time in Hamden
| Year | Return on Investment |
|---|---|
| 1 years | $-8,172 |
| 3 years | $-5,745 |
| 5 years | $-3,317 |
| 7 years | $-890 |
| 9 years | $1,538 |
| 11 years | $3,966 |
| 13 years | $6,393 |
| 15 years | $8,821 |
| 17 years | $11,248 |
| 19 years | $13,676 |
| 21 years | $16,103 |
| 23 years | $18,531 |
| 25 years | $20,959 |
Top Solar Installers in Hamden
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. Going with a solar panel installer can make your swap to solar much easier. Some solar installers, particularly local ones, can help you take advantage of incentives in Hamden, thereby optimizing your ROI.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- 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 Hamden
Factors that Affect Solar Panel Costs in Hamden
The cost of installing a solar system in Hamden can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment Size
When it comes to estimating the cost of a solar panel system in Hamden, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $2,800 for each additional kilowatt you need. The brand and type of equipment you choose 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Hamden, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Hamden, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Hamden know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $12,929 | $27,285 | 8.0 years |
| 8 kW | $2.86 | $16,908 | $36,711 | 7.9 years |
| 10 kW | $2.80 | $20,720 | $46,303 | 7.7 years |
| 12 kW | $2.74 | $24,367 | $56,061 | 7.6 years |
| 14 kW | $2.69 | $27,848 | $65,985 | 7.4 years |
| 16 kW | $2.63 | $31,163 | $76,074 | 7.3 years |
| 18 kW | $2.58 | $34,312 | $86,329 | 7.1 years |
| 20 kW | $2.52 | $37,296 | $96,750 | 7.0 years |
Solar Incentives in Hamden
| 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 | The United Illuminating Company - Small ZREC Tariff |
| Incentive Amount | $98.18 per ZREC (for Year 6 round of solicitation) |
| Incentive Max | Standard offer for Small ZRECs |
| 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
Since the kind of solar panels and the installer you choose greatly affect your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- 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 what the project timeline is.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- 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 Hamden, CT Solar Cost FAQs
What is the average cost of installing solar panels in Hamden?
This is a hard question to answer exactly, 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 cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Hamden?
A solar panel system isn't free in Hamden, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $1,340.46 per year.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.
