Solar Panel Cost Guide in New London, CT (2023 Update)
- New London Solar Installation Cost: $8,859
- 25-Year Savings: $18,624
- Payback Period: 8.1 Years
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Updated May 04, 2023
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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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New London, the average cost of solar panels is 2.8 per watt. The average New London homeowner needs a 4.5-kilowatt system, which would cost about $8,859 with the federal tax credit, or $12,668 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with. Despite the significant initial cost, the average New London homeowner can save around $23,000 on their energy bills over 20 years, which is one of the advantages of solar.
For a customized 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 | $-7,760 |
| 3 years | $-5,561 |
| 5 years | $-3,363 |
| 7 years | $-1,164 |
| 9 years | $1,035 |
| 11 years | $3,233 |
| 13 years | $5,432 |
| 15 years | $7,631 |
| 17 years | $9,829 |
| 19 years | $12,028 |
| 21 years | $14,227 |
| 23 years | $16,425 |
| 25 years | $18,624 |
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:
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 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.
Solar Equipment
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.
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 London, CT Solar Cost FAQs
What is the average cost of installing solar panels in New London?
The average cost of solar panels in New London is about $14,000 for a 5-kW system and $28,000 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. 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?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.