Solar Panel Cost Guide in Canaan, NH (2023 Update)
- Canaan Solar Installation Cost: $10,517
- 25-Year Savings: $16,283
- Payback Period: 9.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Canaan
Let's take a look at the average cost of solar panels in Canaan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Canaan, the average cost of a solar system is 2.91 per watt. The average solar panel system size in Canaan is around 5.2 kilowatts, meaning a cost of about $10,511 for a solar installation, or $15,031 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar system you want, your solar contractor and more. Many homeowners find going solar is a rewarding investment. The average homeowner in Canaan can save around $20,000 on their power bills over 20 years.
You can click the button below to get connected with a top solar installer in Canaan for a quote for your home.
Solar savings over time in Canaan
| Year | Return on Investment |
|---|---|
| 1 years | $-9,111 |
| 3 years | $-6,297 |
| 5 years | $-3,483 |
| 7 years | $-670 |
| 9 years | $2,144 |
| 11 years | $4,958 |
| 13 years | $7,771 |
| 15 years | $10,585 |
| 17 years | $13,399 |
| 19 years | $16,212 |
| 21 years | $19,026 |
| 23 years | $21,840 |
| 25 years | $24,653 |
Top Solar Installers in Canaan
Trying to put up solar panels by yourself can be a difficult undertaking, which is why using a solar installation company is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you're on the hunt for a solar company in Canaan, the EcoWatch team has put together a list of our top suggestions here:
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 Canaan
Factors that Affect Solar Panel Costs in Canaan
Although the average cost of a solar system in Canaan is $10,511, your actual cost may differ. 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
The size of the solar energy system you need, 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 around $2,910. There are many different solar panel brands and the one you pick also affects the cost. In many cases, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Canaan, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. Though solar loans make going solar more accessible for Canaan homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in Canaan, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Canaan have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $3.03 | $12,711 | $18,432 | 10.2 years |
| 8 kW | $2.97 | $16,622 | $24,903 | 10.0 years |
| 10 kW | $2.91 | $20,370 | $31,536 | 9.8 years |
| 12 kW | $2.85 | $23,955 | $38,332 | 9.6 years |
| 14 kW | $2.79 | $27,377 | $45,291 | 9.4 years |
| 16 kW | $2.74 | $30,636 | $52,413 | 9.2 years |
| 18 kW | $2.68 | $33,733 | $59,697 | 9.0 years |
| 20 kW | $2.62 | $36,666 | $67,145 | 8.8 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Installation Process: When making the switch to solar energy, it's important to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project timeline.
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Canaan, NH Solar Cost FAQs
What is the average cost of installing solar panels in Canaan?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $14,550 for a 5-kW system and $29,100 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 higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Canaan?
A solar panel system isn't free in Canaan, 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 can help lower the cost.
How will installing solar panels impact the value of my home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Canaan?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.