Solar Panel Cost Guide in New Canaan, CT (2023 Update)
- New Canaan Solar Installation Cost: $8,773
- 25-Year Savings: $18,247
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in New Canaan
We break down average solar pricing in New Canaan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Canaan, the average cost of solar panels is 2.8 per watt. The average New Canaan homeowner needs a 4.5-kilowatt system, which would cost about $8,781 with the federal tax credit, or $12,557 before the 30% tax credit is applied.
The actual price you pay can go above or below the average in New Canaan depending on several factors, such as the type of solar panels you choose and the solar company you hire. But, once you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $23,000 over 20 years on electricity bills.
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Solar savings over time in New Canaan
| Year | Return on Investment |
|---|---|
| 1 years | $-8,683 |
| 3 years | $-8,502 |
| 5 years | $-8,322 |
| 7 years | $-8,142 |
| 9 years | $-7,962 |
| 11 years | $-7,782 |
| 13 years | $-7,602 |
| 15 years | $-7,422 |
| 17 years | $-7,241 |
| 19 years | $-7,061 |
| 21 years | $-6,881 |
| 23 years | $-6,701 |
| 25 years | $-6,521 |
Top Solar Installers in New Canaan
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar company can make converting to solar power much easier. The expertise that solar companies provide can be valuable as well, particularly if you don't quite know what brand of solar equipment you need.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 New Canaan
Factors that Affect Solar Panel Costs in New Canaan
The cost of installing a solar system in New Canaan can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems 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 better efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,800. There are several different solar panel brands and the one you pick also affects the cost. In general, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in New Canaan, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in New Canaan know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 | $23,990 | 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
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Contract: Before you sign 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 if there are any guarantees about energy production.
- Solar Panel Brands: Different companies carry various brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
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 New Canaan, CT Solar Cost FAQs
What is the average cost of installing solar panels in New Canaan?
This is a difficult question to answer precisely, because the cost depends on a few different 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. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in New Canaan?
You can't get solar panels for free in New Canaan. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your home value significantly 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 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.