Solar Panel Cost Guide in Springfield, VT (2023 Update)
- Springfield Solar Installation Cost: $11,009
- 25-Year Savings: $22,748
- Payback Period: 8.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Springfield
Here's how much it might cost to make the switch to solar in Springfield.
The average cost of a solar system in Springfield is 2.87 per watt. The average solar panel system size in Springfield is around 5.5 kilowatts, meaning a cost of about $11,009 for a solar installation, or $15,743 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 use, the type of solar panels you choose, your solar contractor and more. Despite the high upfront cost, the average Springfield homeowner can save around $23,000 on their energy bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a top solar company in Springfield for a quote for your home.
Solar savings over time in Springfield
| Year | Return on Investment |
|---|---|
| 1 years | $-9,659 |
| 3 years | $-6,958 |
| 5 years | $-4,258 |
| 7 years | $-1,557 |
| 9 years | $1,143 |
| 11 years | $3,844 |
| 13 years | $6,545 |
| 15 years | $9,245 |
| 17 years | $11,946 |
| 19 years | $14,647 |
| 21 years | $17,347 |
| 23 years | $20,048 |
| 25 years | $22,748 |
Top Solar Installers in Springfield
When going solar, many homeowners choose to hire a solar installer since handling can be a challenging project. Plus, if you aren't sure what type of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
If you'd like to start using solar energy but still aren't certain which solar panel installer to go with, here are our recommendations for providers near you:
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 Springfield
Factors that Affect Solar Panel Costs in Springfield
Though the average cost of a solar system in Springfield is $11,009, your final cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,870. The solar equipment you choose can increase or decrease your cost 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. On the other hand, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Springfield average.
Solar Financing Terms
Many homeowners find the average cost of solar in Springfield to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. 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 how long it'll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can affect how much it costs. Springfield's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Springfield have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, 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 | $24,428 | 8.5 years |
| 8 kW | $2.93 | $16,393 | $32,892 | 8.3 years |
| 10 kW | $2.87 | $20,090 | $41,517 | 8.2 years |
| 12 kW | $2.81 | $23,626 | $50,302 | 8.0 years |
| 14 kW | $2.76 | $27,001 | $59,248 | 7.8 years |
| 16 kW | $2.70 | $30,215 | $68,355 | 7.7 years |
| 18 kW | $2.64 | $33,269 | $77,623 | 7.5 years |
| 20 kW | $2.58 | $36,162 | $87,051 | 7.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose considerably influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Contract: Before signing a contract with a solar company, be sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial 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 Springfield, VT Solar Cost FAQs
How much does it cost to install solar panels in Springfield?
This is a tough question to answer exactly, because the cost depends on many 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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Springfield?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 bang for your buck from going solar.
How will solar panels impact my home value?
Solar panels can increase the value of your home significantly 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% with a solar installation."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.