Solar Panel Cost Guide in Carmel, NY (2024 Update)
- Carmel Solar Installation Cost: $11,042
- 25-Year Savings: $8,276
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Carmel
Find out how much it might cost to make the switch to solar in Carmel.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Carmel, the typical cost of solar panels is 4 per watt.Using this figure, a typical 4.3-kW system would cost about $11,042 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Carmel homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.With typical savings of about $15,000 on utility bills over 20 years, many homeowners in Carmel find investing in solar can pay off big.
You can click the button below to get connected with a pre-vetted solar company in Carmel for a quote for your home.
Solar savings over time in Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-9,997 |
| 3 years | $-7,908 |
| 5 years | $-5,819 |
| 7 years | $-3,730 |
| 9 years | $-1,641 |
| 11 years | $448 |
| 13 years | $2,538 |
| 15 years | $4,627 |
| 17 years | $6,716 |
| 19 years | $8,805 |
| 21 years | $10,894 |
| 23 years | $12,983 |
| 25 years | $15,072 |
Top Solar Installers in Carmel
Although you can install solar panels on your own, it takes extra energy and knowledge. For that reason, almost all homeowners choose a solar panel installer. Also, companies with a high reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you're searching for a solar company in Carmel, the EcoWatch team has organized a list of our top suggestions here:
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 Carmel
Factors that Affect Solar Panel Costs in Carmel
For many Carmel homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Carmel, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $3,650 per kilowatt in Carmel.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Carmel, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Carmel have solar loans, which reduce the initial cost of installing solar.While solar loans make switching to solar energy more accessible for Carmel homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installer you choose will affect your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $7,937 | 16.7 years |
| 8 kW | $3.72 | $20,849 | $10,991 | 16.4 years |
| 10 kW | $3.65 | $25,550 | $14,250 | 16.0 years |
| 12 kW | $3.58 | $30,047 | $17,713 | 15.7 years |
| 14 kW | $3.50 | $34,339 | $21,381 | 15.4 years |
| 16 kW | $3.43 | $38,427 | $25,253 | 15.1 years |
| 18 kW | $3.36 | $42,311 | $29,329 | 14.8 years |
| 20 kW | $3.29 | $45,990 | $33,610 | 14.4 years |
How to Save on Solar Panels
There are a large number of companies available in Carmel, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Contract: Read the contract terms thoroughly to make sure you understand the total cost, project completion timeline rebates and warranties.
- Solar Panel Brands: The kind of solar panel you need plays a part in which company you should go with, since different companies have access to different panels.
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 Carmel, NY Solar Cost FAQs
How much does it cost to install solar panels in Carmel?
This is a tough question to answer precisely, 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 additional solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Carmel?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will installing solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Carmel is currently $524,226, which means you could be looking at a value of about $21,493 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Carmel is a fruitful investment.
How long do solar panels last in Carmel?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to 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.