Solar Panel Cost Guide in Greenwich, CT (2024 Update)
- Greenwich Solar Installation Cost: $11,749
- 25-Year Savings: $19,755
- Payback Period: 10.3 Years
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Average Cost of Solar Panels in Greenwich
Find out what the average cost of solar panels are in Greenwich.
The average cost of a solar panel system in Greenwich is 4 per watt.The average solar panel system size in Greenwich is around 4.5 kilowatts, meaning a cost of about $11,749 for a solar installation, or $16,801 before the 0 federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Greenwich depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.Many homeowners find adopting solar power is a sound investment. The average homeowner in Greenwich can save about $24,000 on their energy bills over 20 years.
To receive a free quote from a vetted solar installation company in Greenwich, you can click the button below.
Solar savings over time in Greenwich
| Year | Return on Investment |
|---|---|
| 1 years | $-9,849 |
| 3 years | $-6,048 |
| 5 years | $-2,248 |
| 7 years | $1,552 |
| 9 years | $5,353 |
| 11 years | $9,153 |
| 13 years | $12,954 |
| 15 years | $16,754 |
| 17 years | $20,554 |
| 19 years | $24,355 |
| 21 years | $28,155 |
| 23 years | $31,956 |
| 25 years | $35,756 |
Top Solar Installers in Greenwich
Although you can install solar panels on your own, it involves extra energy and knowledge. For that reason, most people choose to hire a solar panel installer. Also, companies with a good reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you’d like to start using solar energy but still aren’t sure which solar system installer to go with, here are our suggestions for providers near you:
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
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 Greenwich
Factors that Affect Solar Panel Costs in Greenwich
Though the average cost of a solar system in Greenwich is $11,749, your final cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.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 have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at 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 raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Greenwich to be too steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.It’s wise 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 how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you select will play a role in your total cost to go solar. Different companies will charge different amounts for the equipment and labor.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 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 | $3.90 | $16,380 | $21,862 | 10.7 years |
| 8 kW | $3.83 | $21,420 | $29,569 | 10.5 years |
| 10 kW | $3.75 | $26,250 | $37,487 | 10.3 years |
| 12 kW | $3.67 | $30,870 | $45,614 | 10.1 years |
| 14 kW | $3.60 | $35,280 | $53,951 | 9.9 years |
| 16 kW | $3.52 | $39,480 | $62,499 | 9.7 years |
| 18 kW | $3.45 | $43,470 | $71,256 | 9.5 years |
| 20 kW | $3.38 | $47,250 | $80,223 | 9.3 years |
How to Save on Solar Panels
There are a large number of companies available in Greenwich, 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: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
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
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 Greenwich, CT Solar Cost FAQs
What is the average cost of installing solar panels in Greenwich?
The average cost of solar panels in Greenwich 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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Greenwich?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to 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 bang for your buck from going solar.
Can you sell solar power back to the grid in Greenwich?
The majority of states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates 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 many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs 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 household 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.