Solar Panel Cost Guide in Carmel, NY (Sep 2022)
- Carmel Solar Installation Cost: $8,921
- 25-Year Savings: $8,279
- Payback Period: 13.0 Years
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Updated 9/16/2022
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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 $3 per watt. Using this figure, a typical 4.3 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
Best Technology
The Green Panel
- 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 Carmel
Factors that Affect Solar Panel Costs in Carmel
While the average cost of solar panels 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 Size
The size of the solar panel system you need for your household 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 |
Solar Incentives in Carmel
| Name | State of NY Commercial PACE Financing Program |
| Incentive Amount | Locally determined |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Solar Tax Credit |
| Website | Visit here |
| More Info | Click here |
| Name | Refundable Clean Heating Fuel Tax Credit (Corporate) |
| More Info | Click here |
| Name | NY-Sun Loan Program |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Wood Heating Fuel Exemption |
| Incentive Amount | 100% exemption |
| More Info | Click here |
| Name | Local Option - Solar Sales Tax Exemption |
| More Info | Click here |
| Name | Solar Sales Tax Exemption |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Real Property Tax Exemption for Green Buildings |
| Website | Visit here |
| More Info | Click here |
| Name | Energy Conservation Improvements Property Tax Exemption |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Solar, Wind & Biomass Energy Systems Exemption |
| Website | Visit here |
| More Info | Click here |
| Name | NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business) |
| Website | Visit here |
| More Info | Click here |
| Name | Ground Source Heat Pump Rebate Program |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR |
| Incentive Amount | |
| Website | Visit here |
| More Info | Click here |
| Name | NY Green Bank |
| Website | Visit here |
| More Info | Click here |
| Name | Refundable Clean Heating Fuel Tax Credit (Personal) |
| Website | Visit here |
| More Info | Click here |
| Name | On-Site Wind Incentive Program |
| Website | Visit here |
| More Info | Click here |
| Name | Anaerobic Digester Gas-to-Electricity Rebate and Performance Incentive |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
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
Best Technology
The Green Panel
- 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 Carmel, NY Solar Cost FAQs
How much does it cost to install 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 real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Carmel?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can you sell solar power back to the grid in Carmel?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
How long do solar panels last in Carmel?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can 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.
