Solar Panel Cost Guide in Old Lyme, CT (2023 Update)
- Old Lyme Solar Installation Cost: $8,859
- 25-Year Savings: $18,160
- Payback Period: 8.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Old Lyme
Let's have a look at the average cost of solar in Old Lyme.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Old Lyme, the average cost of a solar system is 2.8 per watt. The average Old Lyme 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 how much solar panels could cost. The true cost of making the switch to solar can vary quite a bit based on multiple factors, such as what size system you need, your energy consumption and what company you go with. For most homeowners, the upfront investment in solar power is worth paying. On average Old Lyme homeowners see about $23,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Old Lyme for a quote for your home.
Solar savings over time in Old Lyme
| Year | Return on Investment |
|---|---|
| 1 years | $-7,778 |
| 3 years | $-5,617 |
| 5 years | $-3,455 |
| 7 years | $-1,294 |
| 9 years | $868 |
| 11 years | $3,029 |
| 13 years | $5,191 |
| 15 years | $7,352 |
| 17 years | $9,514 |
| 19 years | $11,676 |
| 21 years | $13,837 |
| 23 years | $15,999 |
| 25 years | $18,160 |
Top Solar Installers in Old Lyme
Although you can install solar panels yourself, it takes extra time and knowledge. Because of that, almost all homeowners choose to go with a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you'd like to start using solar energy but still aren't certain which solar system installer to go with, here are our suggestions for providers in Old Lyme:
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 Lyme
Factors that Affect Solar Panel Costs in Old Lyme
While the average cost of a solar system in Old Lyme is $8,859, your actual cost may differ. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Old Lyme homeowners decide to finance their solar panel systems to offset upfront costs. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can influence your pricing. Old Lyme's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that provides the products, warranties and services you're looking for and also fit into your budget.
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 | $23,663 | 8.5 years |
| 8 kW | $2.86 | $15,994 | $31,864 | 8.4 years |
| 10 kW | $2.80 | $19,600 | $40,222 | 8.2 years |
| 12 kW | $2.74 | $23,050 | $48,737 | 8.0 years |
| 14 kW | $2.69 | $26,342 | $57,408 | 7.9 years |
| 16 kW | $2.63 | $29,478 | $66,237 | 7.7 years |
| 18 kW | $2.58 | $32,458 | $75,222 | 7.5 years |
| 20 kW | $2.52 | $35,280 | $84,364 | 7.4 years |
How to Save on Solar Panels
The solar installer you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
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 Lyme, CT Solar Cost FAQs
What is the average cost of installing solar panels in Old Lyme?
The average cost of solar panels in Old Lyme 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 like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Old Lyme?
Leasing solar panels can be an attractive choice, because it often 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 get the most savings.
Can you sell solar power back to the grid in Old Lyme?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.