Solar Panel Cost Guide in Newport, VT (2023 Update)
- Newport Solar Installation Cost: $11,572
- 25-Year Savings: $25,330
- Payback Period: 7.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Newport
Let's take a look at the average cost of solar in Newport.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Newport, the typical cost of solar panels is 2.87 per watt. Because a 5.8-kW system is needed to cover the energy usage of a typical home in Newport, the average price of going solar will be about $11,572 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar panels you want, your solar contractor and more. For most homeowners, the upfront investment in solar panels is worth paying. On average Newport homeowners see about $24,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-10,096 |
| 3 years | $-7,144 |
| 5 years | $-4,191 |
| 7 years | $-1,239 |
| 9 years | $1,713 |
| 11 years | $4,665 |
| 13 years | $7,617 |
| 15 years | $10,570 |
| 17 years | $13,522 |
| 19 years | $16,474 |
| 21 years | $19,426 |
| 23 years | $22,378 |
| 25 years | $25,330 |
Top Solar Installers in Newport
Many homeowners choose to hire a solar installer since figuring out how to install solar panels on your own can be a labor-intensive endeavor. 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 get the most out of incentives available in your area.
If you're on the hunt for a solar company in Newport, 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 Newport
Factors that Affect Solar Panel Costs in Newport
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Newport: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Newport average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Newport, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Newport, and each can charge different amounts for labor and equipment. Additionally, some companies in Newport are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $2.98 | $12,536 | $25,935 | 8.1 years |
| 8 kW | $2.93 | $16,393 | $34,901 | 8.0 years |
| 10 kW | $2.87 | $20,090 | $44,028 | 7.8 years |
| 12 kW | $2.81 | $23,626 | $53,316 | 7.7 years |
| 14 kW | $2.76 | $27,001 | $62,765 | 7.5 years |
| 16 kW | $2.70 | $30,215 | $72,374 | 7.4 years |
| 18 kW | $2.64 | $33,269 | $82,144 | 7.2 years |
| 20 kW | $2.58 | $36,162 | $92,075 | 7.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Homeowners will have different preferences for panels based 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 access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
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 Newport, VT Solar Cost FAQs
How much does it cost to install solar panels in Newport?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $14,350 for a 5-kW system and $28,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Newport?
Leasing solar panels can be an attractive choice, because it usually 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses 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 house 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.