Solar Panel Cost Guide in Greenwich, NY (2024 Update)
- Greenwich Solar Installation Cost: $11,763
- 25-Year Savings: $5,996
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Greenwich
We go over average solar pricing in Greenwich.
The average cost of solar panels in Greenwich is 4 per watt.Using this figure, a typical 4.6-kW system would cost about $11,763 before the 0 federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you will look different based on your energy needs and what company you go with.Many homeowners find installing solar panels is a solid investment. The average homeowner in Greenwich can save around $13,000 on their power bills over 20 years.
You can click the button below to get connected with a top solar installer in Greenwich for a quote for your home.
Solar savings over time in Greenwich
| Year | Return on Investment |
|---|---|
| 1 years | $-10,937 |
| 3 years | $-9,285 |
| 5 years | $-7,633 |
| 7 years | $-5,982 |
| 9 years | $-4,330 |
| 11 years | $-2,678 |
| 13 years | $-1,026 |
| 15 years | $626 |
| 17 years | $2,278 |
| 19 years | $3,930 |
| 21 years | $5,581 |
| 23 years | $7,233 |
| 25 years | $8,885 |
Top Solar Installers in Greenwich
Although it's possible to install solar panels by yourself, it involves extra energy and knowledge. That's why the majority of homeowners choose to go with a solar panel installer. Plus, if you’re unsure what kind of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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
There are a number of factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,650.The kind of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Greenwich to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time due to interest.While solar loans make going solar more accessible for Greenwich homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Greenwich is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services for different budgets.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, 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 | $3.80 | $15,943 | $4,261 | 19.7 years |
| 8 kW | $3.72 | $20,849 | $6,091 | 19.3 years |
| 10 kW | $3.65 | $25,550 | $8,124 | 19.0 years |
| 12 kW | $3.58 | $30,047 | $10,363 | 18.6 years |
| 14 kW | $3.50 | $34,339 | $12,805 | 18.2 years |
| 16 kW | $3.43 | $38,427 | $15,452 | 17.8 years |
| 18 kW | $3.36 | $42,311 | $18,303 | 17.5 years |
| 20 kW | $3.29 | $45,990 | $21,359 | 17.1 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Make sure you’re aligned with the installer with regard to how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
- Solar Panel Brands: Different companies offer different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
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, NY Solar Cost FAQs
How much does it cost to install solar panels in Greenwich?
The average cost of solar panels in Greenwich is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real 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.
Are solar panels free in Greenwich?
A solar panel system isn’t free in Greenwich, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will installing solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Greenwich is currently $279,398, so you could be looking at a value of about $11,455 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Greenwich is a worthwhile investment.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had 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.