Solar Panel Cost Guide in Old Greenwich, CT (2023 Update)
- Old Greenwich Solar Installation Cost: $8,781
- 25-Year Savings: $18,239
- Payback Period: 8.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Old Greenwich
Let's take a look at the average cost of solar panels in Old Greenwich.
While the national average of solar panels is $2.66 per watt, solar panels in Old Greenwich generally cost about 2.8. To account for the typical energy usage of the average home in Old Greenwich, most homeowners require a 4.5-kilowatt system. Using the per-watt figure above, a solar installation costs about $8,781, or $12,557 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Old Greenwich homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find installing a solar system is a solid investment. The average homeowner in Old Greenwich can save about $23,000 on their power bills over 20 years.
To receive a free estimate from a pre-vetted solar installation company in Old Greenwich, you can click the button below.
Solar savings over time in Old Greenwich
| Year | Return on Investment |
|---|---|
| 1 years | $-7,700 |
| 3 years | $-5,538 |
| 5 years | $-3,377 |
| 7 years | $-1,215 |
| 9 years | $946 |
| 11 years | $3,108 |
| 13 years | $5,269 |
| 15 years | $7,431 |
| 17 years | $9,592 |
| 19 years | $11,754 |
| 21 years | $13,916 |
| 23 years | $16,077 |
| 25 years | $18,239 |
Top Solar Installers in Old Greenwich
Installing solar panels on your own can be a challenging task, which is why using a solar installation company is a good option for many homeowners. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're searching for a solar company in Old Greenwich, the EcoWatch team has compiled a list of our top suggestions here:
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 Old Greenwich
Factors that Affect Solar Panel Costs in Old Greenwich
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Old Greenwich: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
Solar 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 important to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Old Greenwich, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Old Greenwich to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to higher prices over time because of interest. However, the interest on solar loans also increases your overall costs, so it's important to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Old Greenwich, you'll have many options to choose from, but each comes at different price points for labor and equipment. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $23,990 | 8.4 years |
| 8 kW | $2.86 | $15,994 | $32,300 | 8.3 years |
| 10 kW | $2.80 | $19,600 | $40,767 | 8.1 years |
| 12 kW | $2.74 | $23,050 | $49,391 | 8.0 years |
| 14 kW | $2.69 | $26,342 | $58,172 | 7.8 years |
| 16 kW | $2.63 | $29,478 | $67,109 | 7.6 years |
| 18 kW | $2.58 | $32,458 | $76,204 | 7.5 years |
| 20 kW | $2.52 | $35,280 | $85,455 | 7.3 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Before you sign a contract with a solar company, be sure to look it over fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although 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 be sure to peruse their list of offerings before making your decision.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Old Greenwich, CT Solar Cost FAQs
How much does it cost to install solar panels in Old Greenwich?
The average cost of solar panels in Old Greenwich 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my home value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels should I get to power 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 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 install 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.