Solar Panel Cost Guide in Greenwich, NY (2023 Update)
- Greenwich Solar Installation Cost: $9,499
- 25-Year Savings: $6,005
- Payback Period: 15.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Greenwich
Find out what the average cost of solar panel installation is in Greenwich.
In Greenwich, solar panels cost about 2.95 per watt on average. The average solar panel system size in Greenwich is around 4.6 kilowatts, meaning a cost of about $9,499 for a solar installation, or $13,584 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy consumption, the type of equipment you want, your solar contractor and more. With average savings of about $13,000 on utility bills over 20 years, many homeowners in Greenwich find investing in solar can be quite rewarding.
To receive a free quote from a highly rated solar company in Greenwich, you can click the button below.
Solar savings over time in Greenwich
| Year | Return on Investment |
|---|---|
| 1 years | $-8,879 |
| 3 years | $-7,639 |
| 5 years | $-6,398 |
| 7 years | $-5,158 |
| 9 years | $-3,918 |
| 11 years | $-2,677 |
| 13 years | $-1,437 |
| 15 years | $-197 |
| 17 years | $1,043 |
| 19 years | $2,284 |
| 21 years | $3,524 |
| 23 years | $4,764 |
| 25 years | $6,005 |
Top Solar Installers in Greenwich
Although you can install solar panels yourself, it requires extra energy and know-how. That's why most people choose a solar panel installer. Also, companies with a good reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some nearby:
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 Greenwich
Factors that Affect Solar Panel Costs in Greenwich
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Greenwich: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Greenwich, one of the most crucial 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 $2,950 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Greenwich, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid option because they lower your upfront costs and allow you to pay for your system over five to seven years on average. Even though solar loans make going solar more accessible for Greenwich homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can influence how much you pay. Greenwich's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and better 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 down 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 | $3.07 | $12,886 | $7,319 | 15.9 years |
| 8 kW | $3.01 | $16,850 | $10,089 | 15.6 years |
| 10 kW | $2.95 | $20,650 | $13,024 | 15.3 years |
| 12 kW | $2.89 | $24,284 | $16,125 | 15.0 years |
| 14 kW | $2.83 | $27,754 | $19,391 | 14.7 years |
| 16 kW | $2.77 | $31,058 | $22,821 | 14.4 years |
| 18 kW | $2.71 | $34,196 | $26,418 | 14.1 years |
| 20 kW | $2.66 | $37,170 | $30,179 | 13.8 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Contract: Although reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
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 Greenwich, NY Solar Cost FAQs
How much does it cost to install solar panels in Greenwich?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Greenwich?
A solar panel system isn't free in Greenwich, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $673.49 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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 get 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.