Solar Panel Cost Guide in North Canaan, CT (2023 Update)
- North Canaan Solar Installation Cost: $9,201
- 25-Year Savings: $17,819
- Payback Period: 8.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in North Canaan
Find out what the average cost of a solar system is in North Canaan.
The average cost of a solar system in North Canaan is 2.8 per watt. Using this figure, a typical 4.7-kW system would cost about $9,192 before the 30% federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in North Canaan based on several factors, such as the type of solar panels you choose and the solar installer you hire. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $22,000 in savings on utility bills over 20 years.
To get a free quote from a vetted solar installation company in North Canaan, you can click the button below.
Solar savings over time in North Canaan
| Year | Return on Investment |
|---|---|
| 1 years | $-9,111 |
| 3 years | $-8,931 |
| 5 years | $-8,751 |
| 7 years | $-8,570 |
| 9 years | $-8,390 |
| 11 years | $-8,210 |
| 13 years | $-8,030 |
| 15 years | $-7,850 |
| 17 years | $-7,670 |
| 19 years | $-7,490 |
| 21 years | $-7,309 |
| 23 years | $-7,129 |
| 25 years | $-6,949 |
Top Solar Installers in North Canaan
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with a solar company can make your switch to solar power much easier. In addition, if you'd like to maximize your investment in solar power, using a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
If you'd like to go solar but still aren't certain which solar installer to go with, here are our recommendations for providers in North Canaan:
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 North Canaan
Factors that Affect Solar Panel Costs in North Canaan
There are several criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,800. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like North Canaan, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid route because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. 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 principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in North Canaan is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services for different budgets. You may see national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $22,304 | 8.9 years |
| 8 kW | $2.86 | $15,994 | $30,052 | 8.7 years |
| 10 kW | $2.80 | $19,600 | $37,957 | 8.5 years |
| 12 kW | $2.74 | $23,050 | $46,019 | 8.3 years |
| 14 kW | $2.69 | $26,342 | $54,238 | 8.2 years |
| 16 kW | $2.63 | $29,478 | $62,614 | 8.0 years |
| 18 kW | $2.58 | $32,458 | $71,146 | 7.8 years |
| 20 kW | $2.52 | $35,280 | $79,835 | 7.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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 North Canaan, CT Solar Cost FAQs
What is the average cost of installing solar panels in North Canaan?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $14,000 for a 5-kW system and $28,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Are solar panels free in North Canaan?
You can't get solar panels for free in North Canaan. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Does North Canaan have a net metering program?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
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 the amount of sunlight your roof gets. You can take a 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 get 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.