Solar Panel Cost Guide in Binghamton, NY (2023 Update)
- Binghamton Solar Installation Cost: $9,582
- 25-Year Savings: $4,875
- Payback Period: 16.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Binghamton
Find out what the average cost of a solar system is in Binghamton.
The average cost of a solar system in Binghamton is 2.95 per watt. Using this figure, a typical 4.6-kW system would cost about $9,582 before the 30% federal solar tax credit is applied.
These figures are just estimates, and the cost of going solar for you will differ based on factors unique to your home and what company you choose to go with. But, once you've paid the initial cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $12,000 over 20 years on energy bills.
For a personalized 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 | $-9,003 |
| 3 years | $-7,847 |
| 5 years | $-6,690 |
| 7 years | $-5,534 |
| 9 years | $-4,377 |
| 11 years | $-3,221 |
| 13 years | $-2,064 |
| 15 years | $-908 |
| 17 years | $249 |
| 19 years | $1,405 |
| 21 years | $2,562 |
| 23 years | $3,718 |
| 25 years | $4,875 |
Top Solar Installers in Binghamton
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Using a solar company can make your switch to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some in Binghamton:
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 Binghamton
Factors that Affect Solar Panel Costs in Binghamton
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Binghamton: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $2,950 per kilowatt in Binghamton. There are many different solar panel brands and the one you pick also changes the cost. Generally, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Binghamton is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that offer a range of services at different costs. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $3.07 | $12,886 | $5,804 | 17.2 years |
| 8 kW | $3.01 | $16,850 | $8,070 | 16.9 years |
| 10 kW | $2.95 | $20,650 | $10,500 | 16.6 years |
| 12 kW | $2.89 | $24,284 | $13,096 | 16.2 years |
| 14 kW | $2.83 | $27,754 | $15,856 | 15.9 years |
| 16 kW | $2.77 | $31,058 | $18,782 | 15.6 years |
| 18 kW | $2.71 | $34,196 | $21,874 | 15.2 years |
| 20 kW | $2.66 | $37,170 | $25,130 | 14.9 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Solar Panel Brands: The kind of solar panel you want to get plays a role in which installer you should go with, since different companies provide 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 Binghamton, NY Solar Cost FAQs
How much does it cost to install solar panels in Binghamton?
The average cost of solar panels in Binghamton 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 stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Binghamton?
A solar panel system isn't free in Binghamton, but there are some options that can make getting them more feasible, 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 much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $623.00 per year.
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 level 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.