Solar Panel Cost Guide in Thompson, CT (2024 Update)

  • Thompson Solar Installation Cost: $12,271
  • 25-Year Savings: $17,857
  • Payback Period: 11.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Thompson

Find out how much it might cost to go solar in Thompson.

While the national average of solar panels is $2.66 per watt, solar panels in Thompson typically cost about 4.To cover the typical energy usage of the average home in Thompson, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,271, or $17,548 before the federal solar tax credit of 0 is applied.

The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of making the switch to solar can vary quite a bit depending on several factors, such as how many panels you need, your energy usage and what installation company you go with.Even with the significant initial cost, the average Thompson homeowner can save about $22,000 on their power bills over 20 years, which is one of the perks of solar.

You can click the button below to get connected with a pre-vetted solar company in Thompson for a quote for your home.

Solar savings over time in Thompson

Year Return on Investment
1 years $-10,427
3 years $-6,739
5 years $-3,051
7 years $637
9 years $4,325
11 years $8,013
13 years $11,701
15 years $15,389
17 years $19,077
19 years $22,765
21 years $26,453
23 years $30,141
25 years $33,829

Top Solar Installers in Thompson

DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Going with a solar panel installer can make your switch to solar power much easier. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.

If you're looking for a solar company in Thompson, the EcoWatch team has organized a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Thompson

Factors that Affect Solar Panel Costs in Thompson

There are many 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 does the installation.

Solar Equipment

When it comes to estimating the price of a solar energy system in Thompson, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can determine by looking at past power bills. Your overall cost can increase by around $3,750 for each additional kilowatt you need.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Thompson average.

Solar Financing Terms

If paying for a solar system out of pocket is difficult, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.Even though solar loans make going solar more accessible for Thompson homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The final key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Thompson, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and decide on the company that provides the products, warranties and services you’re looking for and also is within 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 $3.90 $16,380 $18,301 11.8 years
8 kW $3.83 $21,420 $24,821 11.6 years
10 kW $3.75 $26,250 $31,551 11.4 years
12 kW $3.67 $30,870 $38,491 11.1 years
14 kW $3.60 $35,280 $45,641 10.9 years
16 kW $3.52 $39,480 $53,001 10.7 years
18 kW $3.45 $43,470 $60,572 10.4 years
20 kW $3.38 $47,250 $68,352 10.2 years

How to Save on Solar Panels

The solar installer you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:

  • Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
  • Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
  • Solar Panel Brands: The brand of solar panel you’d like plays a part in which installer you should go with, since different companies have access to different panels.
  • Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Thompson, CT Solar Cost FAQs

What is the average cost of installing solar panels in Thompson?

This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,750 for a 5-kW system and $37,500 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.

Are solar panels free in Thompson?

Solar panels aren’t free in Thompson, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.

How will solar panels impact my home value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Thompson is currently $340,884, so you can look forward to a value of about $13,976 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Thompson is a worthwhile investment.

How often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.

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