Solar Panel Cost Guide in Old Lyme, CT (2024 Update)
- Old Lyme Solar Installation Cost: $11,856
- 25-Year Savings: $18,167
- Payback Period: 11.0 Years
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Average Cost of Solar Panels in Old Lyme
Let’s have a look at the average cost of solar in Old Lyme.
The national average cost of solar panels is $2.66 per watt, but in Old Lyme it’s 4 per watt.Since a 4.5-kW system is needed to cover the energy needs of a typical home in Old Lyme, the average price of going solar will be about $11,856 after claiming the federal solar tax credit of 0.
The true cost of your system can go higher or lower than the average in Old Lyme depending on a few factors, such as the model of solar panels you choose and the solar installer you hire.But, once you've paid the initial cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $23,000 over 20 years on electricity bills.
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Solar savings over time in Old 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 Old Lyme
When going solar, many homeowners opt to hire a solar company since overseeing your solar installation yourself can be a difficult project. Some solar companies, especially local ones, can help you take advantage of incentives in Old Lyme, optimizing your ROI.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Old Lyme
Factors that Affect Solar Panel Costs in Old Lyme
The cost of installing a solar system in Old Lyme can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
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 assess the size of the solar energy system needed for your home by figuring out your energy needs.The model of solar panels and equipment you get is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Old Lyme homeowners choose to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also adds to your all-in costs, so it’s crucial to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Old Lyme, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Old Lyme know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $19,513 | 11.4 years |
| 8 kW | $3.83 | $21,420 | $26,438 | 11.2 years |
| 10 kW | $3.75 | $26,250 | $33,572 | 11.0 years |
| 12 kW | $3.67 | $30,870 | $40,916 | 10.8 years |
| 14 kW | $3.60 | $35,280 | $48,471 | 10.5 years |
| 16 kW | $3.52 | $39,480 | $56,235 | 10.3 years |
| 18 kW | $3.45 | $43,470 | $64,209 | 10.1 years |
| 20 kW | $3.38 | $47,250 | $72,394 | 9.9 years |
How to Save on Solar Panels
The solar installer you opt for will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: The brand of solar panel you need plays a part in which company you should choose, since different companies have access to different panels.
- Contract: Read the contract terms thoroughly to make sure you understand the overall cost, completion timeline rebates and warranties.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
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 Old Lyme, CT Solar Cost FAQs
How much does it cost to install solar panels in Old Lyme?
The average cost of solar panels in Old 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 like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Old Lyme?
A solar panel system isn’t free in Old Lyme, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Old Lyme?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Old Lyme?
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 opt 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.