Solar Panel Cost Guide in Derby, VT (2024 Update)
- Derby Solar Installation Cost: $15,511
- 25-Year Savings: $25,340
- Payback Period: 10.5 Years
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Average Cost of Solar Panels in Derby
See how much it might cost to switch to solar power in Derby.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Derby, the typical cost of a solar system is 4 per watt.Using this figure, a typical 5.8-kW system would cost about $15,511 before the 0 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 use, the type of equipment you want to get, your solar contractor and more.Even with the large initial cost, the average Derby homeowner can save around $24,000 on their power bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a vetted solar panel company in your area for a custom estimate.
Solar savings over time in Derby
| Year | Return on Investment |
|---|---|
| 1 years | $-14,179 |
| 3 years | $-11,516 |
| 5 years | $-8,853 |
| 7 years | $-6,190 |
| 9 years | $-3,527 |
| 11 years | $-863 |
| 13 years | $1,800 |
| 15 years | $4,463 |
| 17 years | $7,126 |
| 19 years | $9,789 |
| 21 years | $12,452 |
| 23 years | $15,115 |
| 25 years | $17,778 |
Top Solar Installers in Derby
Putting up solar panels yourself can be a stressful project, which is why getting a solar installation company is a good option for many homeowners. The expertise that solar installers provide can be useful as well, especially if you aren’t sure what kind of solar equipment would be right for your home.
If you're looking for a solar installer in Derby, we've organized a list of our top suggestions here:
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 Derby
Factors that Affect Solar Panel Costs in Derby
There are many criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,850.There are many different solar panel brands and the one you choose also changes the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable route 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 switching to solar energy more accessible for Derby homeowners, they can also add to 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
The solar installer you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $4.00 | $16,817 | $21,654 | 10.9 years |
| 8 kW | $3.93 | $21,991 | $29,303 | 10.7 years |
| 10 kW | $3.85 | $26,950 | $37,168 | 10.5 years |
| 12 kW | $3.77 | $31,693 | $45,249 | 10.3 years |
| 14 kW | $3.70 | $36,221 | $53,545 | 10.1 years |
| 16 kW | $3.62 | $40,533 | $62,057 | 9.9 years |
| 18 kW | $3.54 | $44,629 | $70,784 | 9.7 years |
| 20 kW | $3.47 | $48,510 | $79,727 | 9.5 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, 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:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar panel company. Make sure you understand how the installation process works and the project timeline.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
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 Derby, VT Solar Cost FAQs
What is the average cost of installing solar panels in Derby?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $19,250 for a 5-kW system and $38,500 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Derby?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will installing solar panels impact my property value?
Solar panels can increase your property’s 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."
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 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 install 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.