Solar Panel Cost Guide in East Lyme, CT (2024 Update)
- East Lyme Solar Installation Cost: $11,856
- 25-Year Savings: $34,244
- Payback Period: 10.8 Years
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Average Cost of Solar Panels in East Lyme
Let’s have a look at the average cost of solar in East Lyme.
While the national average of solar panels is $2.66 per watt, solar panels in East Lyme typically cost about 4.Using this figure, a typical 4.5-kW system would cost about $11,856 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 needs, the type of solar panels you want to get, your solar contractor and more.With average savings of about $23,000 on power bills over 20 years, many homeowners in East Lyme find going solar can pay off big.
Click the button below to get connected to a top solar installer in your area for a customized estimate.
Solar savings over time in East Lyme
| Year | Return on Investment |
|---|---|
| 1 years | $-10,012 |
| 3 years | $-6,324 |
| 5 years | $-2,636 |
| 7 years | $1,052 |
| 9 years | $4,740 |
| 11 years | $8,428 |
| 13 years | $12,116 |
| 15 years | $15,804 |
| 17 years | $19,492 |
| 19 years | $23,180 |
| 21 years | $26,868 |
| 23 years | $30,556 |
| 25 years | $34,244 |
Top Solar Installers in East Lyme
Although it's possible to install solar panels by yourself, it takes extra labor and handiness. Because of that, the majority of homeowners choose a solar panel installer. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be best for you.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in East Lyme:
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 East Lyme
Factors that Affect Solar Panel Costs in East Lyme
There are several factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in East Lyme to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in East Lyme, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.90 | $16,380 | $20,129 | 11.2 years |
| 8 kW | $3.83 | $21,420 | $27,258 | 11.0 years |
| 10 kW | $3.75 | $26,250 | $34,598 | 10.8 years |
| 12 kW | $3.67 | $30,870 | $42,147 | 10.6 years |
| 14 kW | $3.60 | $35,280 | $49,907 | 10.4 years |
| 16 kW | $3.52 | $39,480 | $57,877 | 10.1 years |
| 18 kW | $3.45 | $43,470 | $66,056 | 9.9 years |
| 20 kW | $3.38 | $47,250 | $74,446 | 9.7 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose significantly impacts your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
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 East Lyme, CT Solar Cost FAQs
What is the average cost of installing solar panels in East Lyme?
The average cost of solar panels in East Lyme is about $18,750 for a 5-kW system and $37,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in East Lyme?
Leasing solar panels can be an appealing choice, because it typically 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 way to go if you want to maximize your savings.
Can solar panels completely eradicate my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout East Lyme, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses 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.