Solar Panel Cost Guide in New London, PA (2024 Update)
- New London Solar Installation Cost: $16,246
- 25-Year Savings: $14,392
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in New London
See how much it might cost to make the switch to solar in New London.
The national average cost of solar panels is $2.66 per watt, but in New London it’s 4 per watt.The average solar panel system size in New London is around 6.5 kilowatts, meaning a cost of about $16,246 for a solar installation, or $23,232 before the 0 federal solar tax credit is applied.
These figures are just averages, and your own solar costs will vary based on your energy needs and what company you choose to go with.With average savings of about $15,000 on energy bills over 20 years, many homeowners in New London find going solar can pay off big.
To get a free estimate from a pre-vetted solar installation company in New London, you can click the button below.
Solar savings over time in New London
| Year | Return on Investment |
|---|---|
| 1 years | $-14,944 |
| 3 years | $-12,342 |
| 5 years | $-9,739 |
| 7 years | $-7,136 |
| 9 years | $-4,534 |
| 11 years | $-1,931 |
| 13 years | $672 |
| 15 years | $3,274 |
| 17 years | $5,877 |
| 19 years | $8,480 |
| 21 years | $11,082 |
| 23 years | $13,685 |
| 25 years | $16,288 |
Top Solar Installers in New London
Trying to install solar panels on your own can be a challenging project, which is why using a solar installer is a good option for many homeowners. The payback period on a solar system will vary depending on factors like your roof configuration and energy use, but working with a solar company can shorten it. Your provider will be able to help you apply for incentives available in your area.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 New London
Factors that Affect Solar Panel Costs in New London
For many New London homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in New London, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,550. The brand of solar panels and equipment you choose is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in New London provide solar loans, which reduce the initial cost of installing solar.You’ll have to consider the long-term cost of financing options, including the total 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 securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar panel companies in New London, and each can charge different amounts for labor and equipment.Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.69 | $15,506 | $8,413 | 16.2 years |
| 8 kW | $3.62 | $20,278 | $11,614 | 15.9 years |
| 10 kW | $3.55 | $24,850 | $15,015 | 15.6 years |
| 12 kW | $3.48 | $29,224 | $18,614 | 15.3 years |
| 14 kW | $3.41 | $33,398 | $22,412 | 15.0 years |
| 16 kW | $3.34 | $37,374 | $26,409 | 14.6 years |
| 18 kW | $3.27 | $41,152 | $30,605 | 14.3 years |
| 20 kW | $3.19 | $44,730 | $35,000 | 14.0 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Warranty: If you care about the longevity of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Contract: It’s important to read through your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
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 New London, PA Solar Cost FAQs
How much does it cost to install solar panels in New London?
The average cost of solar panels in New London is about $17,750 for a 5-kW system and $35,500 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in New London?
You can’t get solar panels for free in New London. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners in New London, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in New London?
On average, the lifespan of solar panels is 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 amount 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.