Solar Panel Cost Guide in New London, CT (2024 Update)

  • New London Solar Installation Cost: $11,856
  • 25-Year Savings: $18,630
  • Payback Period: 10.8 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in New London

Find out what the average cost of solar panels are in New London.

Currently, the national average cost of solar panels is $2.66 per watt. However, in New London, the average cost of solar panels is 4 per watt.The average solar panel system size in New London is around 4.5 kilowatts, meaning a cost of about $11,856 for a solar installation, or $16,954 before the 0 federal solar tax credit is applied.

Bear in mind that the figures above are only estimates based on the average energy use of New London homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $23,000 in savings on utility bills over 20 years.

For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in New London

Year Return on Investment
1 years $-10,012
3 years $-6,324
5 years $-2,636
7 years $1,052
9 years $4,740
11 years $8,428
13 years $12,116
15 years $15,804
17 years $19,492
19 years $23,180
21 years $26,868
23 years $30,556
25 years $34,244

Top Solar Installers in New London

Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be challenging. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.

If you're searching for a solar installer in New London, we've organized a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in New London

Factors that Affect Solar Panel Costs in New London

For many New London homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in New London, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.

Solar Equipment

One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $3,750 per kilowatt in New London.The brand and kind of equipment you get 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Most solar installers in New London have solar loans, which reduce your upfront costs of installing a solar system.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.

Solar Panel Installation Company

The remaining significant cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in New London, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.

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 $20,129 11.2 years
8 kW $3.83 $21,420 $27,258 11.0 years
10 kW $3.75 $26,250 $34,598 10.8 years
12 kW $3.67 $30,870 $42,147 10.6 years
14 kW $3.60 $35,280 $49,907 10.4 years
16 kW $3.52 $39,480 $57,877 10.1 years
18 kW $3.45 $43,470 $66,056 9.9 years
20 kW $3.38 $47,250 $74,446 9.7 years

How to Save on Solar Panels

There are many companies to choose from in New London, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:

  • Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • Contract: Before you sign a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
  • Solar Panel Brands: Different companies will have various brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's New London, CT Solar Cost FAQs

How much does it cost to install solar panels in New London?

The average cost of solar panels in New London 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 things like the kind of solar panels you want, what size system you need and how much energy you use.

Should I lease or buy solar panels in New London?

Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.

How much can I save on power 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 $1,216.96 per year.

What solar power system size is right for my home?

To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.

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