Solar Panel Cost Guide in Alfred, NY (2023 Update)
- Alfred Solar Installation Cost: $9,540
- 25-Year Savings: $6,776
- Payback Period: 14.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Alfred
Here's how much it might cost to switch to solar power in Alfred.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Alfred, the average cost of a solar system is 2.95 per watt. The average Alfred homeowner needs a 4.6-kilowatt system, which would cost about $9,540 with the federal tax credit, or $13,642 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar panels you want to get, your solar contractor and more. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $13,000 over 20 years on power bills.
You can click the button below to get connected with a top solar company in Alfred that can help you get a more accurate cost estimate for your home.
Solar savings over time in Alfred
| Year | Return on Investment |
|---|---|
| 1 years | $-8,888 |
| 3 years | $-7,582 |
| 5 years | $-6,277 |
| 7 years | $-4,972 |
| 9 years | $-3,667 |
| 11 years | $-2,361 |
| 13 years | $-1,056 |
| 15 years | $249 |
| 17 years | $1,555 |
| 19 years | $2,860 |
| 21 years | $4,165 |
| 23 years | $5,470 |
| 25 years | $6,776 |
Top Solar Installers in Alfred
When switching to solar energy, many homeowners prefer to go with a solar installation company since handling can be a challenging project. Plus, if you aren't sure what brand of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
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 Alfred
Factors that Affect Solar Panel Costs in Alfred
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Alfred: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,950. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installer you choose will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Alfred have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $3.07 | $12,886 | $8,304 | 15.2 years |
| 8 kW | $3.01 | $16,850 | $11,402 | 14.9 years |
| 10 kW | $2.95 | $20,650 | $14,665 | 14.6 years |
| 12 kW | $2.89 | $24,284 | $18,094 | 14.3 years |
| 14 kW | $2.83 | $27,754 | $21,688 | 14.0 years |
| 16 kW | $2.77 | $31,058 | $25,447 | 13.7 years |
| 18 kW | $2.71 | $34,196 | $29,371 | 13.4 years |
| 20 kW | $2.66 | $37,170 | $33,461 | 13.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The kind of solar panel you need to install plays a part in which company you should choose, since different companies provide different panels.
- Installation Process: When going solar, it's crucial to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
- Contract: Before signing a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
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 Alfred, NY Solar Cost FAQs
What is the average cost of installing solar panels in Alfred?
The average cost of solar panels in Alfred is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Alfred?
Leasing solar panels can be an option if you can't 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 property 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 savings from going solar.
Does Alfred have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
How long do solar panels last in Alfred?
Even though 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 how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.