Solar Panel Cost Guide in New Canaan, CT (Mar 2023)
- New Canaan Solar Installation Cost: $8,781
- 25-Year Savings: $18,239
- Payback Period: 8.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New Canaan
Let's have a look at the average cost of solar in New Canaan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Canaan, the typical cost of solar panels is 2.8 per watt. Using this figure, a typical 4.5-kW system would cost about $8,781 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy usage and what installation company you go with. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in New Canaan see about $23,000 in savings on utility bills over 20 years.
Click the button below to get connected to a top solar installer in New Canaan for a custom estimate.
Solar savings over time in New Canaan
| Year | Return on Investment |
|---|---|
| 1 years | $-7,700 |
| 3 years | $-5,538 |
| 5 years | $-3,377 |
| 7 years | $-1,215 |
| 9 years | $946 |
| 11 years | $3,108 |
| 13 years | $5,269 |
| 15 years | $7,431 |
| 17 years | $9,592 |
| 19 years | $11,754 |
| 21 years | $13,916 |
| 23 years | $16,077 |
| 25 years | $18,239 |
Top Solar Installers in New Canaan
When switching to solar energy, many homeowners choose to go with a solar installation company since handling can be a time-consuming project. The expertise that solar companies offer can be useful as well, especially if you don't quite know what type of solar equipment you need.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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
Tesla Energy
- 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 New Canaan
Factors that Affect Solar Panel Costs in New Canaan
There are several criteria that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,800. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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 in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the New Canaan average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many New Canaan homeowners opt to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in New Canaan, and each can charge varying amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that offers the products, warranties and services you're looking for and also fit into your budget.
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 | $23,990 | 8.4 years |
| 8 kW | $2.86 | $15,994 | $32,300 | 8.3 years |
| 10 kW | $2.80 | $19,600 | $40,767 | 8.1 years |
| 12 kW | $2.74 | $23,050 | $49,391 | 8.0 years |
| 14 kW | $2.69 | $26,342 | $58,172 | 7.8 years |
| 16 kW | $2.63 | $29,478 | $67,109 | 7.6 years |
| 18 kW | $2.58 | $32,458 | $76,204 | 7.5 years |
| 20 kW | $2.52 | $35,280 | $85,455 | 7.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: The kind of solar panel you'd like to get plays a part in which company you should opt for, since different companies have different panels.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Before signing a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
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
Tesla Energy
- 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 New Canaan, CT Solar Cost FAQs
What is the average cost of installing solar panels in New Canaan?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally 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 above-average energy consumption. On the other hand, you can spend less if you want 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 without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,207.35 per year.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.