Solar Panel Cost Guide in Chatham, NY (2023 Update)
- Chatham Solar Installation Cost: $9,169
- 25-Year Savings: $6,335
- Payback Period: 14.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Chatham
Let's take a look at the average cost of solar in Chatham.
The average cost of a solar system in Chatham is 2.95 per watt. The average Chatham homeowner needs a 4.4-kilowatt system, which would cost about $9,169 with the federal tax credit, or $13,112 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary depending on several factors, such as what size system you need, your energy usage and what company you go with. But, after you've paid the initial cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $13,000 over 20 years on utility bills.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Chatham
| Year | Return on Investment |
|---|---|
| 1 years | $-9,117 |
| 3 years | $-9,013 |
| 5 years | $-8,910 |
| 7 years | $-8,807 |
| 9 years | $-8,703 |
| 11 years | $-8,600 |
| 13 years | $-8,497 |
| 15 years | $-8,393 |
| 17 years | $-8,290 |
| 19 years | $-8,187 |
| 21 years | $-8,083 |
| 23 years | $-7,980 |
| 25 years | $-7,877 |
Top Solar Installers in Chatham
Many homeowners opt for a solar panel installer since trying to install solar panels on your own can be a lot of work. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Chatham
Factors that Affect Solar Panel Costs in Chatham
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Chatham: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid route because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of financing options, 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 principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can play a role in determining the cost. Chatham's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that offers the products, warranties and services you want and also fits within your budget.
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 | $8,065 | 15.4 years |
| 8 kW | $3.01 | $16,850 | $11,084 | 15.1 years |
| 10 kW | $2.95 | $20,650 | $14,268 | 14.8 years |
| 12 kW | $2.89 | $24,284 | $17,617 | 14.5 years |
| 14 kW | $2.83 | $27,754 | $21,131 | 14.2 years |
| 16 kW | $2.77 | $31,058 | $24,811 | 13.9 years |
| 18 kW | $2.71 | $34,196 | $28,656 | 13.6 years |
| 20 kW | $2.66 | $37,170 | $32,666 | 13.3 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:
- Solar Panel Brands: The model of solar panel you need plays a role in which installer you should opt for, since different companies have different panels.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Chatham, NY Solar Cost FAQs
What is the average cost of installing solar panels in Chatham?
The average cost of solar panels in Chatham 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Chatham?
Leasing solar panels can be an option if you can't pay upfront or get 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 savings from going solar.
Can solar panels significantly reduce my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Chatham, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
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 how much energy they produce will have decreased significantly after that point. You can decide to 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.