Solar Panel Cost Guide in Carmel, NY (2023 Update)
- Carmel Solar Installation Cost: $8,921
- 25-Year Savings: $8,279
- Payback Period: 13.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Carmel
We go over average solar pricing in Carmel.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Carmel, the typical cost of a solar system is 2.95 per watt. Using this figure, a typical 4.3-kW system would cost about $8,921 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more. For many homeowners, the upfront cost of solar power is worth paying. On average Carmel homeowners see about $15,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a highly rated solar company in your area for a custom quote.
Solar savings over time in Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-8,233 |
| 3 years | $-6,857 |
| 5 years | $-5,481 |
| 7 years | $-4,105 |
| 9 years | $-2,729 |
| 11 years | $-1,353 |
| 13 years | $23 |
| 15 years | $1,399 |
| 17 years | $2,775 |
| 19 years | $4,151 |
| 21 years | $5,527 |
| 23 years | $6,903 |
| 25 years | $8,279 |
Top Solar Installers in Carmel
Many homeowners opt for a solar installation company since installing solar panels by yourself can be a lot of work. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you'd like to start using solar energy but still aren't certain which solar system company to go with, here are our recommendations for providers in Carmel:
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 Carmel
Factors that Affect Solar Panel Costs in Carmel
While the average cost of a solar system in Carmel is $8,921, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,950. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Carmel, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Carmel, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your overall costs, so it's crucial to consider that as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Carmel is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you'll have many options for solar installers that offer a range of services for different budgets. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $10,994 | 13.5 years |
| 8 kW | $3.01 | $16,850 | $14,990 | 13.2 years |
| 10 kW | $2.95 | $20,650 | $19,150 | 13.0 years |
| 12 kW | $2.89 | $24,284 | $23,476 | 12.7 years |
| 14 kW | $2.83 | $27,754 | $27,967 | 12.5 years |
| 16 kW | $2.77 | $31,058 | $32,623 | 12.2 years |
| 18 kW | $2.71 | $34,196 | $37,444 | 11.9 years |
| 20 kW | $2.66 | $37,170 | $42,430 | 11.7 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two 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 good reviews from previous customers.
- Contract: Before you sign a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: When going solar, it's crucial to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
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 Carmel, NY Solar Cost FAQs
What is the average cost of installing solar panels in Carmel?
The average cost of solar panels in Carmel 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 kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Carmel?
A solar panel system isn't free in Carmel, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will solar panels impact the value of my home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.