Solar Panel Cost Guide in Waterford, CT (2023 Update)
- Waterford Solar Installation Cost: $8,859
- 25-Year Savings: $18,933
- Payback Period: 8.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Waterford
Here's how much it might cost to install solar panels in Waterford.
In Waterford, solar panels cost about 2.8 per watt on average. To account for the typical energy needs of the average home in Waterford, most homeowners require a 4.5-kilowatt system. Using the per-watt figure above, a solar installation costs about $8,859, or $12,668 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar system you want to get, your solar contractor and more. For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $23,000 in savings on utility bills over 20 years.
To receive a free quote from a pre-vetted solar company in Waterford, you can click the button below.
Solar savings over time in Waterford
| Year | Return on Investment |
|---|---|
| 1 years | $-7,748 |
| 3 years | $-5,524 |
| 5 years | $-3,301 |
| 7 years | $-1,077 |
| 9 years | $1,146 |
| 11 years | $3,369 |
| 13 years | $5,593 |
| 15 years | $7,816 |
| 17 years | $10,039 |
| 19 years | $12,263 |
| 21 years | $14,486 |
| 23 years | $16,709 |
| 25 years | $18,933 |
Top Solar Installers in Waterford
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make your switch to solar power much easier. The payback period on an investment in solar panels will vary based on factors like your roof configuration and energy needs, but going with a solar installer can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
If you're looking for a solar installer in Waterford, we've compiled a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Waterford
Factors that Affect Solar Panel Costs in Waterford
Even though the average cost of a solar system in Waterford is $8,859, your final cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
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 electricity your household uses, the larger your system will likely need to be. You can expect to spend about $2,800 per kilowatt in Waterford. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Waterford, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, 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 Waterford to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. You'll have to consider the long-term cost of loans, 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 more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you choose to install your solar panels can affect how much you pay. Waterford's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $24,689 | 8.3 years |
| 8 kW | $2.86 | $15,994 | $33,232 | 8.1 years |
| 10 kW | $2.80 | $19,600 | $41,932 | 8.0 years |
| 12 kW | $2.74 | $23,050 | $50,789 | 7.8 years |
| 14 kW | $2.69 | $26,342 | $59,802 | 7.6 years |
| 16 kW | $2.63 | $29,478 | $68,973 | 7.5 years |
| 18 kW | $2.58 | $32,458 | $78,300 | 7.3 years |
| 20 kW | $2.52 | $35,280 | $87,784 | 7.2 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Waterford, CT Solar Cost FAQs
How much does it cost to install solar panels in Waterford?
This is a tough question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Waterford?
Solar panels aren't free in Waterford, 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.
Does Waterford have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a 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 account for 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.