Solar Panel Cost Guide in Binghamton, NY (Dec 2022)

  • Binghamton Solar Installation Cost: $9,582
  • 25-Year Savings: $4,875
  • Payback Period: 16.6 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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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 $3 per watt. Using this figure, a typical 4.6 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 National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

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 National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Binghamton, NY Solar Cost FAQs

What is the average cost of installing solar panels in Binghamton?

This is a tough question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.

Can you get solar panels for 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 will solar panels impact the value of my home?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Binghamton is currently $104,753, so you could be looking at a value of about $4,295 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Binghamton is a rewarding investment.

How long do solar panels last in Binghamton?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of 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 keep using 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.

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