Solar Panel Cost Guide in Carmel, NY (Aug 2022)
- Carmel Solar Installation Cost: $9,431
- 25-Year Savings: $7,770
- Payback Period: 13.7 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Carmel
Find out what the average cost of installing solar panels is in Carmel.
The average cost of a solar panel system in Carmel is $3 per watt. Using this figure, a typical 4.3 would cost about $9,431 before the federal solar tax credit is applied.
Keep 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 power bills over 20 years, many homeowners in Carmel find installing solar panels can pay off big.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-8,743 |
| 3 years | $-7,367 |
| 5 years | $-5,991 |
| 7 years | $-4,614 |
| 9 years | $-3,238 |
| 11 years | $-1,862 |
| 13 years | $-486 |
| 15 years | $890 |
| 17 years | $2,266 |
| 19 years | $3,642 |
| 21 years | $5,018 |
| 23 years | $6,394 |
| 25 years | $7,770 |
Top Solar Installers in Carmel
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with an installer can make switching to solar much easier. The expertise that solar companies offer can be helpful as well, particularly if you aren't sure what type of solar equipment you need.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some nearby:
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
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Carmel: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment Size
When it comes to estimating the cost of a solar system in Carmel, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by about $2,950 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Carmel homeowners choose to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you select will influence your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $13,622 | $10,258 | 14.3 years |
| 8 kW | $3.01 | $17,813 | $14,027 | 14.0 years |
| 10 kW | $2.95 | $21,830 | $17,970 | 13.7 years |
| 12 kW | $2.89 | $25,672 | $22,088 | 13.4 years |
| 14 kW | $2.83 | $29,340 | $26,381 | 13.2 years |
| 16 kW | $2.77 | $32,832 | $30,848 | 12.9 years |
| 18 kW | $2.71 | $36,150 | $35,490 | 12.6 years |
| 20 kW | $2.66 | $39,294 | $40,306 | 12.3 years |
Solar Incentives in Carmel
| Name | Residential Solar Tax Credit |
| Incentive Amount | 25% for solar-electric (PV) and solar-thermal systems; for third-party owned systems this is in reference to the aggregate amount owed under the contract rather than the amount owed in any single year |
| Incentive Max | $5,000 for solar-energy systems |
| Website | Visit here |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Local Option - Real Property Tax Exemption for Green Buildings |
| Incentive Amount | Upon local adoption, 20% - 100% of real property taxes owed; varies by year and certification level |
| Website | Visit here |
| More Info | Click here |
| Name | NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business) |
| Incentive Amount | Incentive rates step down over time as MW goals are met. Incentive rates as of 11/27/2019 are: Residential: Long Island Region: $0.00/W (MW blocks have been fully subscribed) Con Edison Region: $0.30/W Upstate Region: $0.35/W Low-to-Moderate income customers: $0.80/W (up to 10 kW) Small Commercial (Non-Residential):Long Island Region: $0.00/W (MW blocks have been fully subscribed) Con Edison Region: $0.60/W Up State Region: $0.45/W Multifamily Affordable Housing Adder: additional $0.40/W (up to 50 kW) |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR |
| Website | Visit here |
| More Info | Click here |
| Name | NY Green Bank |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Solar Sales Tax Exemption |
| Incentive Amount | Upon local authorization, 100% exemption from local sales tax |
| More Info | Click here |
| Name | Solar Sales Tax Exemption |
| Incentive Amount | 100% exemption from state sales tax |
| Website | Visit here |
| More Info | Click here |
| Name | Energy Conservation Improvements Property Tax Exemption |
| Incentive Amount | 100% of the value added to the residence by the improvements |
| Website | Visit here |
| More Info | Click here |
| Name | NY-Sun Loan Program |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Solar, Wind & Biomass Energy Systems Exemption |
| Incentive Amount | 100% exemption for 15 years (unless local jurisdiction has opted out) |
| Website | Visit here |
| More Info | Click here |
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:
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: When making the switch to solar power, it's important to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: The model of solar panel you need plays a role in which company you should go with, since different companies have access to different panels.
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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
What is the average cost of installing solar panels in Carmel?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Carmel?
You can't get solar panels for free in Carmel. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Carmel?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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 install between 20 and 35 panels to account for 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.
