Solar Panel Cost Guide in Old Saybrook, CT (2024 Update)
- Old Saybrook Solar Installation Cost: $11,907
- 25-Year Savings: $18,129
- Payback Period: 11.0 Years
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Average Cost of Solar Panels in Old Saybrook
We go over average solar pricing in Old Saybrook.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Old Saybrook, the typical cost of a solar system is 4 per watt.To cover the typical energy needs of the average home in Old Saybrook, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs around $11,907, or $17,027 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy needs, the type of equipment you want, your solar contractor and more.But, once you've paid the upfront cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $23,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Old Saybrook
| Year | Return on Investment |
|---|---|
| 1 years | $-10,063 |
| 3 years | $-6,375 |
| 5 years | $-2,687 |
| 7 years | $1,001 |
| 9 years | $4,689 |
| 11 years | $8,377 |
| 13 years | $12,065 |
| 15 years | $15,753 |
| 17 years | $19,441 |
| 19 years | $23,129 |
| 21 years | $26,817 |
| 23 years | $30,505 |
| 25 years | $34,193 |
Top Solar Installers in Old Saybrook
When switching to solar energy, many homeowners choose to hire a solar installation company since handling can be a difficult project. The payback period of solar panels will vary depending on factors like your roof configuration and energy needs, but going with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
If you’d like to go solar but still aren’t certain which solar company to go with, here are our suggestions for providers nearby:
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 Saybrook
Factors that Affect Solar Panel Costs in Old Saybrook
Although the average cost of a solar system in Old Saybrook is $11,907, your final cost may differ. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the cost of solar panels in Old Saybrook, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can determine by looking at past power bills. Your overall cost can increase by about $3,750 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Old Saybrook to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest.It’s a good idea to factor 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 installer you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Old Saybrook, and each can charge different amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $3.90 | $16,380 | $19,361 | 11.5 years |
| 8 kW | $3.83 | $21,420 | $26,235 | 11.2 years |
| 10 kW | $3.75 | $26,250 | $33,318 | 11.0 years |
| 12 kW | $3.67 | $30,870 | $40,612 | 10.8 years |
| 14 kW | $3.60 | $35,280 | $48,115 | 10.6 years |
| 16 kW | $3.52 | $39,480 | $55,829 | 10.4 years |
| 18 kW | $3.45 | $43,470 | $63,753 | 10.1 years |
| 20 kW | $3.38 | $47,250 | $71,886 | 9.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: If you’re worried about the endurance of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
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 Saybrook, CT Solar Cost FAQs
What is the average cost of installing solar panels in Old Saybrook?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,750 for a 5-kW system and $37,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Old Saybrook?
Leasing solar panels can be an appealing choice, because it commonly 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Old Saybrook?
Most states have net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.