Solar Panel Cost Guide in Binghamton, NY (2024 Update)
- Binghamton Solar Installation Cost: $11,857
- 25-Year Savings: $4,873
- Payback Period: 20.5 Years
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Average Cost of Solar Panels in Binghamton
We go over average solar pricing in Binghamton.
Although the national average of solar panels is $2.66 per watt, solar panels in Binghamton generally cost around 4.The average solar panel system size in Binghamton is around 4.6 kilowatts, meaning a cost of about $11,857 for a solar installation, or $16,956 before the 0 federal solar tax credit is applied.
The true price you pay can be above or below the average in Binghamton depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire.With average savings of about $12,000 on power bills over 20 years, many homeowners in Binghamton find going solar can pay off big.
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 Binghamton
| Year | Return on Investment |
|---|---|
| 1 years | $-11,031 |
| 3 years | $-9,380 |
| 5 years | $-7,728 |
| 7 years | $-6,076 |
| 9 years | $-4,424 |
| 11 years | $-2,772 |
| 13 years | $-1,120 |
| 15 years | $531 |
| 17 years | $2,183 |
| 19 years | $3,835 |
| 21 years | $5,487 |
| 23 years | $7,139 |
| 25 years | $8,791 |
Top Solar Installers in Binghamton
Although you can install solar panels by yourself, it requires extra time and knowledge. For that reason, the majority of homeowners choose a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance in the long run.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
See all of the solar companies in Binghamton
Factors that Affect Solar Panel Costs in Binghamton
For many Binghamton homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Binghamton, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The kind of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable choice because they reduce your upfront costs and let you pay for your system over five to seven years on average.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 the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can affect the cost. Binghamton’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $3.80 | $15,943 | $2,747 | 21.3 years |
| 8 kW | $3.72 | $20,849 | $4,071 | 20.9 years |
| 10 kW | $3.65 | $25,550 | $5,600 | 20.5 years |
| 12 kW | $3.58 | $30,047 | $7,333 | 20.1 years |
| 14 kW | $3.50 | $34,339 | $9,271 | 19.7 years |
| 16 kW | $3.43 | $38,427 | $11,413 | 19.3 years |
| 18 kW | $3.36 | $42,311 | $13,759 | 18.9 years |
| 20 kW | $3.29 | $45,990 | $16,310 | 18.5 years |
How to Save on Solar Panels
There are many companies available in Binghamton, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
EcoWatch's Binghamton, NY Solar Cost FAQs
How much does it cost to install solar panels in Binghamton?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive 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 Binghamton?
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 offer you credit toward your future electricity bills.
How long do solar panels last in Binghamton?
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 their energy production will have decreased significantly after that point. You can 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.