Solar Panel Cost Guide in Caroline, NY (2023 Update)
- Caroline Solar Installation Cost: $9,622
- 25-Year Savings: $5,379
- Payback Period: 16.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Caroline
Let's take a look at the average cost of solar panels in Caroline.
In Caroline, solar panels cost about 2.95 per watt on average. Using this figure, a typical 4.7-kW system would cost about $9,623 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of installing solar panels can vary based on several factors, such as what size system you need, your energy usage and what company you go with. With typical savings of about $12,000 on power bills over 20 years, many homeowners in Caroline find installing solar panels has a decent ROI.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Caroline
| Year | Return on Investment |
|---|---|
| 1 years | $-9,572 |
| 3 years | $-9,472 |
| 5 years | $-9,372 |
| 7 years | $-9,272 |
| 9 years | $-9,172 |
| 11 years | $-9,072 |
| 13 years | $-8,972 |
| 15 years | $-8,872 |
| 17 years | $-8,772 |
| 19 years | $-8,672 |
| 21 years | $-8,572 |
| 23 years | $-8,472 |
| 25 years | $-8,372 |
Top Solar Installers in Caroline
When going solar, many homeowners prefer to go with a solar installation company since DIY solar panel installation can be a challenging project. Companies can also offer access to various kinds of the best solar panels and help you choose which one will be best for your family.
If you'd like to start using solar energy but still aren't sure which solar company to go with, here are our suggestions for providers near you:
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 Caroline
Factors that Affect Solar Panel Costs in Caroline
For many Caroline homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Caroline, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,950. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Caroline, where sunlight isn't as abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of 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
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Caroline, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can influence the cost. Caroline's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $6,430 | 16.7 years |
| 8 kW | $3.01 | $16,850 | $8,904 | 16.4 years |
| 10 kW | $2.95 | $20,650 | $11,543 | 16.0 years |
| 12 kW | $2.89 | $24,284 | $14,347 | 15.7 years |
| 14 kW | $2.83 | $27,754 | $17,316 | 15.4 years |
| 16 kW | $2.77 | $31,058 | $20,451 | 15.1 years |
| 18 kW | $2.71 | $34,196 | $23,751 | 14.8 years |
| 20 kW | $2.66 | $37,170 | $27,216 | 14.4 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The type of solar panel you need plays a role in which company you should choose, since different companies provide different panels.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
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 Caroline, NY Solar Cost FAQs
How much does it cost to install solar panels in Caroline?
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 additional solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Caroline?
Leasing solar panels can be an attractive choice, as it usually 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 get the most savings.
How will installing solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Caroline is currently $235,210, which means you could be looking at a value of about $9,644 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Caroline is a rewarding investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage 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.