Solar Panel Cost Guide in Farmington, NH (Mar 2023)
- Farmington Solar Installation Cost: $10,002
- 25-Year Savings: $16,798
- Payback Period: 9.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Farmington
See how much it might cost to switch to solar power in Farmington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Farmington, the typical cost of solar panels is 2.91 per watt. The average solar panel system size in Farmington is around 4.9 kilowatts, meaning a cost of about $10,002 for a solar installation, or $14,303 before the 30% federal solar tax credit is applied.
The actual price you pay can go above or below the average in Farmington depending on a few factors, such as the model of solar panels you choose and the solar company you hire. With average savings of about $21,000 on energy bills over 20 years, many homeowners in Farmington find investing in solar can pay off big.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Farmington
| Year | Return on Investment |
|---|---|
| 1 years | $-8,930 |
| 3 years | $-6,786 |
| 5 years | $-4,642 |
| 7 years | $-2,498 |
| 9 years | $-354 |
| 11 years | $1,790 |
| 13 years | $3,934 |
| 15 years | $6,078 |
| 17 years | $8,222 |
| 19 years | $10,366 |
| 21 years | $12,510 |
| 23 years | $14,654 |
| 25 years | $16,798 |
Top Solar Installers in Farmington
Installing solar panels yourself can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. Plus, if you're unsure what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
If you'd like to switch to solar energy but still aren't sure which solar installer to go with, here are our suggestions for providers nearby:
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 Farmington
Factors that Affect Solar Panel Costs in Farmington
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Farmington: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Farmington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by around $2,910 for each additional kilowatt you need. There are many different solar panel brands and the one you choose also changes the cost. In general, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Farmington have solar loans, which reduce your upfront costs of installing solar. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Farmington, and each can charge different amounts for labor and equipment. Additionally, some companies in Farmington are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $20,030 | 9.7 years |
| 8 kW | $2.97 | $16,622 | $27,033 | 9.5 years |
| 10 kW | $2.91 | $20,370 | $34,198 | 9.3 years |
| 12 kW | $2.85 | $23,955 | $41,527 | 9.1 years |
| 14 kW | $2.79 | $27,377 | $49,018 | 9.0 years |
| 16 kW | $2.74 | $30,636 | $56,673 | 8.8 years |
| 18 kW | $2.68 | $33,733 | $64,490 | 8.6 years |
| 20 kW | $2.62 | $36,666 | $72,470 | 8.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project timeline rebates and warranties.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
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 Farmington, NH Solar Cost FAQs
What is the average cost of installing solar panels in Farmington?
The average cost of solar panels in Farmington is about $14,550 for a 5-kW system and $29,100 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Farmington?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase your property value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't opt for 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 solar panels."
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home 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.