Solar Panel Cost Guide in Putnam, CT (2023 Update)
- Putnam Solar Installation Cost: $9,153
- 25-Year Savings: $17,866
- Payback Period: 8.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Putnam
We go over average solar pricing in Putnam.
The national average cost of solar panels is $2.66 per watt, but in Putnam it's 2.8 per watt. The average solar panel system size in Putnam is around 4.7 kilowatts, meaning a cost of about $9,153 for a solar installation, or $13,089 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $22,000 over 20 years on energy bills.
You can click the button below to get connected with a pre-vetted solar company in Putnam that can help you get a more accurate cost estimate for your home.
Solar savings over time in Putnam
| Year | Return on Investment |
|---|---|
| 1 years | $-8,072 |
| 3 years | $-5,911 |
| 5 years | $-3,749 |
| 7 years | $-1,588 |
| 9 years | $574 |
| 11 years | $2,735 |
| 13 years | $4,897 |
| 15 years | $7,058 |
| 17 years | $9,220 |
| 19 years | $11,382 |
| 21 years | $13,543 |
| 23 years | $15,705 |
| 25 years | $17,866 |
Top Solar Installers in Putnam
Installing solar panels on your own can be a dangerous undertaking, which is why hiring a solar installation company is a good option for many homeowners. Companies can also have access to various kinds of the best solar panels and help you decide which one will be right for you.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some in Putnam:
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 Putnam
Factors that Affect Solar Panel Costs in Putnam
There are a number of criteria that can influence your solar system 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
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The brand of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on 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 for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $2.91 | $12,230 | $22,450 | 8.8 years |
| 8 kW | $2.86 | $15,994 | $30,247 | 8.6 years |
| 10 kW | $2.80 | $19,600 | $38,201 | 8.5 years |
| 12 kW | $2.74 | $23,050 | $46,311 | 8.3 years |
| 14 kW | $2.69 | $26,342 | $54,579 | 8.1 years |
| 16 kW | $2.63 | $29,478 | $63,003 | 8.0 years |
| 18 kW | $2.58 | $32,458 | $71,584 | 7.8 years |
| 20 kW | $2.52 | $35,280 | $80,322 | 7.6 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. 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 make sure you take a look at their list of options before making your decision.
- Contract: When looking through 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 if the company goes out of business.
- Reputation: Your solar installer should have a good 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
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 Putnam, CT Solar Cost FAQs
What is the average cost of installing solar panels in Putnam?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $14,000 for a 5-kW system and $28,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Putnam?
You can't get solar panels for free in Putnam. 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.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Putnam is currently $203,750, which means you could be looking at a value of about $8,354 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Putnam is a worthwhile investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.