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
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Average Cost of Solar Panels in New London
Find out what the average cost of solar panels are in New London.
The average cost of a solar panel system in New London is 4 per watt.The average New London homeowner needs a 4.5-kilowatt system, which would cost about $11,856 with the federal tax credit, or $16,954 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of New London homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $23,000 over 20 years on energy bills.
You can click the button below to get connected with a pre-vetted solar installer in New London that can help you get a more accurate cost estimate for your home.
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 installer since installing solar panels on your own can be a lot of work. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
There are several 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
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 London
Factors that Affect Solar Panel Costs in New London
Though the average cost of a solar system in New London is $11,856, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.There are many different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you choose 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
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many New London homeowners opt to finance their solar panel systems to make paying for solar more affordable.Although solar loans make going solar more accessible for New London homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green 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.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $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
The solar installer you go with will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When looking through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
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 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 real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in New London?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels completely eradicate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout New London, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires 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.