Solar Panel Cost Guide in Albany, NY (2023 Update)
- Albany Solar Installation Cost: $9,189
- 25-Year Savings: $6,801
- Payback Period: 14.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Albany
See how much it might cost to switch to solar power in Albany.
The average cost of a solar system in Albany is 2.95 per watt. Using this figure, a typical 4.5-kW system would cost about $9,189 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Albany homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. With average savings of about $14,000 on energy bills over 20 years, many homeowners in Albany find going solar has a decent ROI.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Albany
| Year | Return on Investment |
|---|---|
| 1 years | $-8,550 |
| 3 years | $-7,270 |
| 5 years | $-5,991 |
| 7 years | $-4,712 |
| 9 years | $-3,433 |
| 11 years | $-2,153 |
| 13 years | $-874 |
| 15 years | $405 |
| 17 years | $1,684 |
| 19 years | $2,964 |
| 21 years | $4,243 |
| 23 years | $5,522 |
| 25 years | $6,801 |
Top Solar Installers in Albany
Many homeowners opt for a solar installer since installing solar panels yourself can be challenging. Another upside of utilizing a solar installer is that they can help you make the most of your return of investment by lowering your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you'd like to make the switch to solar but still aren't sure which solar system installer to go with, here are our recommendations 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
See all of the solar companies in Albany
Factors that Affect Solar Panel Costs in Albany
The cost of installing a solar system in Albany 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 home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $2,950 per kilowatt in Albany. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Albany, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Albany, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of sustainable energy solutions in Albany, you'll have many options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $3.07 | $12,886 | $8,657 | 15.0 years |
| 8 kW | $3.01 | $16,850 | $11,873 | 14.7 years |
| 10 kW | $2.95 | $20,650 | $15,254 | 14.4 years |
| 12 kW | $2.89 | $24,284 | $18,801 | 14.1 years |
| 14 kW | $2.83 | $27,754 | $22,512 | 13.8 years |
| 16 kW | $2.77 | $31,058 | $26,389 | 13.5 years |
| 18 kW | $2.71 | $34,196 | $30,431 | 13.2 years |
| 20 kW | $2.66 | $37,170 | $34,638 | 12.9 years |
How to Save on Solar Panels
The solar company you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, such as:
- Warranty: If you care about the durability of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Different companies will carry different brands and models of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Albany, NY Solar Cost FAQs
How much does it cost to install solar panels in Albany?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,750 for a 5-kW system and $29,500 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 higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Albany?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future electricity 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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.