Solar Panel Cost Guide in New London, CT (Jan 2023)
- New London Solar Installation Cost: $8,859
- 25-Year Savings: $18,624
- Payback Period: 8.1 Years
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Top Solar Installers in New London
When making the switch to solar, many homeowners prefer to hire a solar installer since overseeing your solar installation yourself can be a difficult project. Companies can also have access to quality options of the best solar panels and help you decide which one will be best for your home.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in New London
Factors that Affect Solar Panel Costs in New London
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in New London: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. 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. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the New London average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular choice because they reduce your upfront costs and let you pay for your system over five to seven years on average. 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 more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in New London is the company you get to install your PV system. As with choosing a company to renovate your kitchen, for instance, you'll have many options for solar installers that provide a range of services for different budgets. Additionally, some companies in New London know more about local solar incentives and can help you make good use of 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||$12,230||$24,278||8.4 years|
|8 kW||$2.86||$15,994||$32,685||8.2 years|
|10 kW||$2.80||$19,600||$41,248||8.1 years|
|12 kW||$2.74||$23,050||$49,968||7.9 years|
|14 kW||$2.69||$26,342||$58,845||7.7 years|
|16 kW||$2.63||$29,478||$67,878||7.6 years|
|18 kW||$2.58||$32,458||$77,069||7.4 years|
|20 kW||$2.52||$35,280||$86,416||7.2 years|
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
EcoWatch's New London, CT Solar Cost FAQs
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.