Solar Panel Cost Guide in Balmville, NY (2023 Update)
- Balmville Solar Installation Cost: $8,937
- 25-Year Savings: $13,064
- Payback Period: 10.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Balmville
Find out what the average cost of solar panels are in Balmville.
The average cost of a solar panel system in Balmville is 2.95 per watt. Because a 4.3-kW system is needed to cover the energy needs of a typical home in Balmville, the average price of going solar will be about $8,941 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Balmville homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $19,000 in savings on energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Balmville
| Year | Return on Investment |
|---|---|
| 1 years | $-7,674 |
| 3 years | $-5,147 |
| 5 years | $-2,621 |
| 7 years | $-95 |
| 9 years | $2,432 |
| 11 years | $4,958 |
| 13 years | $7,485 |
| 15 years | $10,011 |
| 17 years | $12,537 |
| 19 years | $15,064 |
| 21 years | $17,590 |
| 23 years | $20,117 |
| 25 years | $22,643 |
Top Solar Installers in Balmville
When going solar, many homeowners decide to hire a solar installer since DIY solar panel installation can be a time-consuming project. Companies can also have access to quality options of the best solar panels and help you decide which one will be right for you.
If you're on the hunt for a solar company in Balmville, we've organized a list of our top suggestions here:
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 Balmville
Factors that Affect Solar Panel Costs in Balmville
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that determine your overall cost in Balmville: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation 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 $2,950. The brand and kind of equipment you get for your solar system can increase or decrease 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra 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 Balmville to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Balmville, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Balmville have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $17,615 | 10.6 years |
| 8 kW | $3.01 | $16,850 | $23,818 | 10.4 years |
| 10 kW | $2.95 | $20,650 | $30,185 | 10.2 years |
| 12 kW | $2.89 | $24,284 | $36,718 | 10.0 years |
| 14 kW | $2.83 | $27,754 | $43,416 | 9.7 years |
| 16 kW | $2.77 | $31,058 | $50,279 | 9.5 years |
| 18 kW | $2.71 | $34,196 | $57,307 | 9.3 years |
| 20 kW | $2.66 | $37,170 | $64,500 | 9.1 years |
How to Save on Solar Panels
The solar company you choose will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, project completion timeline rebates and warranties.
- Installation Process: Make sure you're aligned with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: The brand of solar panel you need plays a part in which company you should go with, since different companies have access to different panels.
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 Balmville, NY Solar Cost FAQs
What is the average cost of installing solar panels in Balmville?
The average cost of solar panels in Balmville 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 type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size 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 typically produce about 250 to 400 watt-hours per hour, the average house 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.