Solar Panel Cost Guide in New Canaan, CT (2024 Update)
- New Canaan Solar Installation Cost: $11,749
- 25-Year Savings: $34,351
- Payback Period: 10.9 Years
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Average Cost of Solar Panels in New Canaan
Let’s take a look at the average cost of solar panels in New Canaan.
The average cost of a solar system in New Canaan is 4 per watt.To cover the typical energy usage of the average home in New Canaan, most homeowners require a 4.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,749, or $16,801 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy use, the type of solar panels you want to get, your solar contractor and more.Many homeowners find installing solar panels is a sound investment. The average homeowner in New Canaan can save around $23,000 on their power bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in New Canaan
| Year | Return on Investment |
|---|---|
| 1 years | $-9,905 |
| 3 years | $-6,217 |
| 5 years | $-2,529 |
| 7 years | $1,159 |
| 9 years | $4,847 |
| 11 years | $8,535 |
| 13 years | $12,223 |
| 15 years | $15,911 |
| 17 years | $19,599 |
| 19 years | $23,287 |
| 21 years | $26,975 |
| 23 years | $30,663 |
| 25 years | $34,351 |
Top Solar Installers in New Canaan
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Using a solar company can make your swap to solar power much easier. Another upside of going with a solar company is that they can help you make the most of your return of investment by cutting back on future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
If you’d like to start using solar energy but still aren’t sure which solar installer to go with, here are our recommendations for providers near you:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in New Canaan
Factors that Affect Solar Panel Costs in New Canaan
For many New Canaan homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in New Canaan, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,750.There are several different solar panel brands and the one you choose also affects the cost. Usually, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in New Canaan, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.Though solar loans make switching to solar energy more accessible for New Canaan homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies operating in New Canaan, and each can charge different amounts for labor and equipment.The company’s size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $19,840 | 11.3 years |
| 8 kW | $3.83 | $21,420 | $26,874 | 11.1 years |
| 10 kW | $3.75 | $26,250 | $34,117 | 10.9 years |
| 12 kW | $3.67 | $30,870 | $41,571 | 10.7 years |
| 14 kW | $3.60 | $35,280 | $49,234 | 10.4 years |
| 16 kW | $3.52 | $39,480 | $57,108 | 10.2 years |
| 18 kW | $3.45 | $43,470 | $65,191 | 10.0 years |
| 20 kW | $3.38 | $47,250 | $73,485 | 9.8 years |
How to Save on Solar Panels
The solar company you opt for will affect not only your total 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 consider, such as:
- Solar Panel Brands: Different companies have different brands and types of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Contract: Before you sign a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: If you’re worried about the durability of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's New Canaan, CT Solar Cost FAQs
What is the average cost of installing solar panels in New Canaan?
The average cost of solar panels in New Canaan 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 such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in New Canaan?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using 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.