Solar Panel Cost Guide in Waterbury, CT (2023 Update)
- Waterbury Solar Installation Cost: $8,879
- 25-Year Savings: $18,141
- Payback Period: 8.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Waterbury
Let's take a look at the average cost of solar panels in Waterbury.
In Waterbury, solar panels cost about 2.8 per watt on average. Since a 4.5-kW system is needed to cover the energy costs of a typical home in Waterbury, the average price of going solar will be about $8,879 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what solar installer you go with. Many homeowners find going solar is a solid investment. The average homeowner in Waterbury can save about $23,000 on their electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Waterbury
| Year | Return on Investment |
|---|---|
| 1 years | $-7,798 |
| 3 years | $-5,636 |
| 5 years | $-3,475 |
| 7 years | $-1,313 |
| 9 years | $848 |
| 11 years | $3,010 |
| 13 years | $5,171 |
| 15 years | $7,333 |
| 17 years | $9,494 |
| 19 years | $11,656 |
| 21 years | $13,818 |
| 23 years | $15,979 |
| 25 years | $18,141 |
Top Solar Installers in Waterbury
Installing solar panels by yourself can be a difficult project, which is why using a solar installer is a good option for many homeowners. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be right for you.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Waterbury
Factors that Affect Solar Panel Costs in Waterbury
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Waterbury: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,800. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Waterbury, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. 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 Waterbury to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Waterbury is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services for different budgets. 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 extra services like electric vehicle 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 | $23,577 | 8.5 years |
| 8 kW | $2.86 | $15,994 | $31,750 | 8.4 years |
| 10 kW | $2.80 | $19,600 | $40,079 | 8.2 years |
| 12 kW | $2.74 | $23,050 | $48,565 | 8.0 years |
| 14 kW | $2.69 | $26,342 | $57,208 | 7.9 years |
| 16 kW | $2.63 | $29,478 | $66,008 | 7.7 years |
| 18 kW | $2.58 | $32,458 | $74,964 | 7.6 years |
| 20 kW | $2.52 | $35,280 | $84,078 | 7.4 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Waterbury, CT Solar Cost FAQs
What is the average cost of installing solar panels in Waterbury?
The average cost of solar panels in Waterbury 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 type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Waterbury?
A solar panel system isn't free in Waterbury, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is it worth going solar in Waterbury?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.