Solar Panel Cost Guide in Thompson, CT (2023 Update)
- Thompson Solar Installation Cost: $9,162
- 25-Year Savings: $17,857
- Payback Period: 8.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Thompson
Find out what the average cost of a solar system is in Thompson.
In Thompson, solar panels cost about 2.8 per watt on average. The average Thompson homeowner needs a 4.7-kilowatt system, which would cost about $9,153 with the federal tax credit, or $13,089 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Thompson homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Thompson can save about $22,000 on their energy bills over 20 years.
To get a free estimate from a highly rated solar company in Thompson, you can click the button below.
Solar savings over time in Thompson
| Year | Return on Investment |
|---|---|
| 1 years | $-9,072 |
| 3 years | $-8,892 |
| 5 years | $-8,712 |
| 7 years | $-8,532 |
| 9 years | $-8,352 |
| 11 years | $-8,171 |
| 13 years | $-7,991 |
| 15 years | $-7,811 |
| 17 years | $-7,631 |
| 19 years | $-7,451 |
| 21 years | $-7,271 |
| 23 years | $-7,091 |
| 25 years | $-6,910 |
Top Solar Installers in Thompson
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of an installer can make your switch to solar power much easier. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Thompson:
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 Thompson
Factors that Affect Solar Panel Costs in Thompson
The cost of installing a solar system in Thompson can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,800 per kilowatt in Thompson. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Thompson, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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
Most solar companies in Thompson have solar loans, which reduce your upfront costs of installing solar panels. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can influence how much you pay. Thompson's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Thompson are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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
Since the brand of solar panels and the installer 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:
- Installation Process: Make sure you're on the same page with the installer in 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.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
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 Thompson, CT Solar Cost FAQs
What is the average cost of installing solar panels in Thompson?
This is a difficult question to answer exactly, because the cost depends on a variety of 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 extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Does Thompson have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 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.