Solar Panel Cost Guide in Waterford, CT (2024 Update)
- Waterford Solar Installation Cost: $11,856
- 25-Year Savings: $34,244
- Payback Period: 10.7 Years
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Average Cost of Solar Panels in Waterford
See how much it might cost to make the switch to solar in Waterford.
In Waterford, solar panels cost about 4 per watt on average.The average solar panel system size in Waterford is around 4.5 kilowatts, meaning a cost of about $11,856 for a solar installation, or $16,954 before the 0 federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Waterford depending on several factors, such as the brand of solar panels you choose and the solar installer you hire.Even with the large initial cost, the average Waterford homeowner can save about $23,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar installer in Waterford for a quote for your home.
Solar savings over time in Waterford
| Year | Return on Investment |
|---|---|
| 1 years | $-10,012 |
| 3 years | $-6,324 |
| 5 years | $-2,636 |
| 7 years | $1,052 |
| 9 years | $4,740 |
| 11 years | $8,428 |
| 13 years | $12,116 |
| 15 years | $15,804 |
| 17 years | $19,492 |
| 19 years | $23,180 |
| 21 years | $26,868 |
| 23 years | $30,556 |
| 25 years | $34,244 |
Top Solar Installers in Waterford
Although it's possible to install solar panels on your own, it takes extra effort and handiness. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. Some solar companies, especially local ones, can help you make the most of incentives in Waterford, thereby optimizing your ROI.
If you're searching for a solar installer in Waterford, we've put together a list of our top suggestions here:
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- 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 Waterford
Factors that Affect Solar Panel Costs in Waterford
For many Waterford homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Waterford, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important 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 consumes, the larger your system will likely need to be. You can expect to pay about $3,750 per kilowatt in Waterford.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get 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, more efficient panels could save you more in the long run on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Waterford average.
Solar Financing Terms
Many homeowners find the average cost of solar in Waterford to be too costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time because of interest.However, the interest on solar loans also increases your overall costs, so it’s crucial to include that in your estimate as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
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 Waterford is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, you’ll have many options for solar installers that offer a range of services at different price points.The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $20,539 | 11.1 years |
| 8 kW | $3.83 | $21,420 | $27,805 | 10.9 years |
| 10 kW | $3.75 | $26,250 | $35,282 | 10.7 years |
| 12 kW | $3.67 | $30,870 | $42,968 | 10.5 years |
| 14 kW | $3.60 | $35,280 | $50,865 | 10.2 years |
| 16 kW | $3.52 | $39,480 | $58,971 | 10.0 years |
| 18 kW | $3.45 | $43,470 | $67,287 | 9.8 years |
| 20 kW | $3.38 | $47,250 | $75,814 | 9.6 years |
How to Save on Solar Panels
Since the model 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:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can research your installer’s reputation is by reading reviews.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Waterford, CT Solar Cost FAQs
How much does it cost to install solar panels in Waterford?
The average cost of solar panels in Waterford is about $18,750 for a 5-kW system and $37,500 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property 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 Waterford is currently $364,870, so you can expect a value of about $14,960 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Waterford is a rewarding investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs 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 buy 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.