Solar Panel Cost Guide in New Milford, CT (2024 Update)
- New Milford Solar Installation Cost: $12,323
- 25-Year Savings: $17,819
- Payback Period: 11.4 Years
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Average Cost of Solar Panels in New Milford
We go over average solar pricing in New Milford.
While the national average of solar panels is $2.66 per watt, solar panels in New Milford generally cost about 4.Using this figure, a typical 4.7-kW system would cost about $12,323 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary depending on a few factors, such as how many panels you need, your energy usage and what installation company you go with.With typical savings of about $22,000 on electricity bills over 20 years, many homeowners in New Milford find investing in solar can pay off big.
Click the button below to get connected to a vetted solar panel company in your area for a customized estimate.
Solar savings over time in New Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-10,479 |
| 3 years | $-6,791 |
| 5 years | $-3,103 |
| 7 years | $585 |
| 9 years | $4,273 |
| 11 years | $7,961 |
| 13 years | $11,649 |
| 15 years | $15,337 |
| 17 years | $19,025 |
| 19 years | $22,713 |
| 21 years | $26,401 |
| 23 years | $30,089 |
| 25 years | $33,777 |
Top Solar Installers in New Milford
Trying to install solar panels by yourself can be a time-consuming project, which is why using a solar installation company is a good option for many homeowners. The payback period on an investment in solar panels will vary based on factors like your location and energy use, but going with a solar company can shorten that period. Your provider will be able to help you apply for incentives available in your area.
If you’d like to start using solar energy but still aren’t sure which solar system installer to go with, here are our recommendations for providers in New Milford:
Best National Provider
SunPower
- 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
- 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
See all of the solar companies in New Milford
Factors that Affect Solar Panel Costs in New Milford
The cost of installing a solar system in New Milford can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,750.The kind of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
Most solar installers in New Milford have solar loans, which reduce your upfront costs of installing solar.However, the interest on solar loans also adds to your all-in costs, so it’s crucial to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
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 Milford is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there’s no shortage of solar installers that offer a range of services at different price points.Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $18,154 | 11.9 years |
| 8 kW | $3.83 | $21,420 | $24,626 | 11.6 years |
| 10 kW | $3.75 | $26,250 | $31,307 | 11.4 years |
| 12 kW | $3.67 | $30,870 | $38,199 | 11.2 years |
| 14 kW | $3.60 | $35,280 | $45,300 | 10.9 years |
| 16 kW | $3.52 | $39,480 | $52,612 | 10.7 years |
| 18 kW | $3.45 | $43,470 | $60,133 | 10.5 years |
| 20 kW | $3.38 | $47,250 | $67,865 | 10.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
Best National Provider
SunPower
- 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
- 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
EcoWatch's New Milford, CT Solar Cost FAQs
What is the average cost of installing solar panels in New Milford?
The average cost of solar panels in New Milford 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 stuff 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 Milford?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in New Milford is currently $410,715, which means you can look forward to a value of about $16,839 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in New Milford is a rewarding investment.
How long do solar panels last in New Milford?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.