Solar Panel Cost Guide in Binghamton University, NY (2024 Update)

  • Binghamton University Solar Installation Cost: $11,857
  • 25-Year Savings: $4,529
  • Payback Period: 21.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Binghamton University

Find out what the average cost of installing solar panels is in Binghamton University.

In Binghamton University, solar panels cost about 4 per watt on average.Since a 4.6-kW system is needed to cover the energy usage of a typical home in Binghamton University, the average price of going solar will be about $11,857 after claiming the federal solar tax credit of 0.

The actual price you pay can go higher or lower than the average in Binghamton University based on a variety of factors, such as the model of solar panels you choose and the solar company you hire.Despite the significant initial cost, the average Binghamton University homeowner can save about $12,000 on their power bills over 20 years, which is one of the benefits of solar.

For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Binghamton University

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 University

DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Going with a solar panel installer can make your swap to solar power much easier. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be right for your family.

There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:

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 for Leasing

Sunrun

★★★★★
4.0

  • 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 University

Factors that Affect Solar Panel Costs in Binghamton University

The cost of installing a solar system in Binghamton University can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.

Solar Equipment

The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,650. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Binghamton University average.

Solar Financing Terms

Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Binghamton University homeowners choose to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also increases your total costs, so it’s vital to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

The solar installer you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in Binghamton University, and each can charge varying amounts for labor and equipment.Additionally, some companies in Binghamton University have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 $3.80 $15,943 $2,302 21.8 years
8 kW $3.72 $20,849 $3,479 21.4 years
10 kW $3.65 $25,550 $4,859 21.0 years
12 kW $3.58 $30,047 $6,444 20.6 years
14 kW $3.50 $34,339 $8,234 20.2 years
16 kW $3.43 $38,427 $10,228 19.7 years
18 kW $3.36 $42,311 $12,426 19.3 years
20 kW $3.29 $45,990 $14,829 18.9 years

How to Save on Solar Panels

There are a large number of companies available in Binghamton University, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:

  • Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
  • Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
  • Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
  • Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.

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 for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Binghamton University, NY Solar Cost FAQs

How much does it cost to install solar panels in Binghamton University?

The average cost of solar panels in Binghamton University is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.

Are solar panels free in Binghamton University?

A solar panel system isn’t free in Binghamton University, but there are some options that can make getting them more viable, 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 installing solar panels impact my property value?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Binghamton University is currently $232,353, which means you can look forward to a value of about $9,526 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Binghamton University is a rewarding investment.

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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.

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