Solar Panel Cost Guide in New London, CT (Sep 2022)

  • New London Solar Installation Cost: $8,859
  • 25-Year Savings: $18,624
  • Payback Period: 8.1 Years

See cost of a solar system near you:

GET QUOTES
EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

Why you can trust EcoWatch

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 $3 per watt. The average New London homeowner needs a 4.5-kilowatt system, which would cost about $8,859, or $6,556 after the federal solar tax credit of 30% 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 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 Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

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 Size

System size 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

Solar Incentives in New London

Name Local Option - Residential Sustainable Energy Program
Website Visit here
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Eversource - Small ZREC Tariff
Incentive Amount $100.74 per REC (for Year 7 round of solicitation)Tariff for Small ZREC determined through PURA
Website Visit here
More Info Click here

Name Energy Conservation Loan
Website Visit here
More Info Click here

Name Connecticut Green Energy Building Solutions
Website Visit here
More Info Click here

Name Sales and Use Tax Exemption for Solar and Geothermal Systems
Incentive Amount 100% exemption
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% exemption for renewable energy property
More Info Click here

Name Local Option - Property Tax Exemption for Renewable Energy Systems
Incentive Amount Local Option
More Info Click here

Name Residential Solar Investment Program
Incentive Amount Customer-owned (EPBB):
Up to 10 kW PTC: $0.358/W
10 to 20 kW PTC: $0.207/W
Incentive is reduced accordingly for Design Factors below 75%. Minimum design factor is 60%.
Third-Party-Owned (PBI):
Up to 20 kW PTC: $0.03/kWh for 6 years
Minimum Design Factor 60%
Website Visit here
More Info Click here

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 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 Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

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 $14,000 for a 5-kW system and $28,000 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.

Should I lease or buy solar panels in New London?

Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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.

Do solar panels increase your home value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in New London is currently $188,750, which means you can expect about a value of about $7,739 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in New London is a worthwhile investment.

How many solar panels do I need to power my home?

The exact number of solar panels you need depends on your household energy usage and how much 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 buy between 20 and 35 panels to account for 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.

solar panel and sunny sky
Invest in clean solar energy, save thousands of dollars.

Save $$ on your electricity bill by getting a free quote today.

Follow us