Solar Panel Cost Guide in New London, WI (2023 Update)
- New London Solar Installation Cost: $13,225
- 25-Year Savings: $23,310
- Payback Period: 9.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in New London
Find out what the average cost of solar panel installation is in New London.
The national average cost of solar panels is $2.66 per watt, but in New London it's 2.6 per watt. Because a 7.3-kW system is needed to cover the energy consumption of a typical home in New London, the average price of going solar will be about $13,231 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 use, the type of solar panels you want, your solar contractor and more. With average savings of about $19,000 on electricity bills over 20 years, many homeowners in New London find installing solar panels has a decent ROI.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in New London
| Year | Return on Investment |
|---|---|
| 1 years | $-13,103 |
| 3 years | $-12,860 |
| 5 years | $-12,616 |
| 7 years | $-12,373 |
| 9 years | $-12,129 |
| 11 years | $-11,886 |
| 13 years | $-11,642 |
| 15 years | $-11,399 |
| 17 years | $-11,155 |
| 19 years | $-10,911 |
| 21 years | $-10,668 |
| 23 years | $-10,424 |
| 25 years | $-10,181 |
Top Solar Installers in New London
Many homeowners decide to use a solar installer since trying to install solar panels by yourself can be challenging. Local solar installation companies can also help you optimize your return on investment by walking you through any local incentives you can benefit from and by offering warranties and repairs.
If you'd like to start using solar energy but still aren't certain which solar system company to go with, here are our recommendations for providers near you:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in New London
Factors that Affect Solar Panel Costs in New London
Though the average cost of a solar system in New London is $13,231, 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 system installation. Below are some of the more important things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $2,600 per kilowatt in New London. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like New London, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of 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
Many homeowners find the average cost of solar in New London to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. You'll have to consider the long-term cost of loans, including the amount of 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a role in determining how much you pay. New London's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $2.70 | $11,357 | $18,810 | 9.4 years |
| 8 kW | $2.65 | $14,851 | $25,371 | 9.2 years |
| 10 kW | $2.60 | $18,200 | $32,078 | 9.0 years |
| 12 kW | $2.55 | $21,403 | $38,931 | 8.9 years |
| 14 kW | $2.50 | $24,461 | $45,929 | 8.7 years |
| 16 kW | $2.44 | $27,373 | $53,072 | 8.5 years |
| 18 kW | $2.39 | $30,139 | $60,362 | 8.3 years |
| 20 kW | $2.34 | $32,760 | $67,796 | 8.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar company, make sure you look it over carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a solid 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Solar Panel Brands: Different companies will have various brands and kinds of panels. If you want a specific brand, make sure the solar company you're considering has it.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's New London, WI 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 $13,000 for a 5-kW system and $26,000 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 consume.
Should I lease or buy solar panels in New London?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 financial benefits from going solar.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,005.56 per year.
How long do solar panels last in New London?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.