Solar Panel Cost Guide in New Milford, CT (2024 Update)
- New Milford Solar Installation Cost: $12,323
- 25-Year Savings: $17,819
- Payback Period: 11.4 Years
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Average Cost of Solar Panels in New Milford
We go over average solar pricing in New Milford.
In New Milford, solar panels cost about 4 per watt on average.The average New Milford homeowner needs a 4.7-kilowatt system, which would cost about $12,323 with the federal tax credit, or $17,622 before the 0 tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely look different based on factors unique to your home and what company you want to go with.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $22,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a highly rated solar company in your area for a personalized estimate.
Solar savings over time in New Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-10,479 |
| 3 years | $-6,791 |
| 5 years | $-3,103 |
| 7 years | $585 |
| 9 years | $4,273 |
| 11 years | $7,961 |
| 13 years | $11,649 |
| 15 years | $15,337 |
| 17 years | $19,025 |
| 19 years | $22,713 |
| 21 years | $26,401 |
| 23 years | $30,089 |
| 25 years | $33,777 |
Top Solar Installers in New Milford
When making the switch to solar, many homeowners choose to go with a solar company since putting up a solar system yourself can be a challenging project. Another benefit of going with a solar installer is that they can help you make the most of your return of investment by bringing down your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
If you're on the hunt for a solar company in New Milford, the EcoWatch team has put together a list of our top suggestions here:
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 New Milford
Factors that Affect Solar Panel Costs in New Milford
The cost of installing a solar system in New Milford can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,750. There are several different solar panel brands and the one you pick also affects the cost. Generally, the brands that are more efficient tend to also cost more. Additionally, 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
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in New Milford, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.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 back the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout New Milford, and each can charge varying amounts for labor and equipment.Additionally, some companies in New Milford have more knowledge about local solar incentives and can help you learn about 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 | $3.90 | $16,380 | $18,154 | 11.9 years |
| 8 kW | $3.83 | $21,420 | $24,626 | 11.6 years |
| 10 kW | $3.75 | $26,250 | $31,307 | 11.4 years |
| 12 kW | $3.67 | $30,870 | $38,199 | 11.2 years |
| 14 kW | $3.60 | $35,280 | $45,300 | 10.9 years |
| 16 kW | $3.52 | $39,480 | $52,612 | 10.7 years |
| 18 kW | $3.45 | $43,470 | $60,133 | 10.5 years |
| 20 kW | $3.38 | $47,250 | $67,865 | 10.3 years |
How to Save on Solar Panels
There are a lot of companies to choose from in New Milford, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project completion timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer high-quality solar panel installation and expertise.
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 New Milford, CT Solar Cost FAQs
What is the average cost of installing solar panels in New Milford?
The average cost of solar panels in New Milford is about $18,750 for a 5-kW system and $37,500 for a 10-kW system before the ITC, but the real cost will depend on stuff like the type 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 Milford?
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 property 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 will solar panels impact my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in New Milford is currently $410,715, which means you could be looking at a value of about $16,839 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in New Milford is a fruitful investment.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having 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.