Solar Panel Cost Guide in Chestnut Ridge, NY (2023 Update)
- Chestnut Ridge Solar Installation Cost: $8,759
- 25-Year Savings: $18,340
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Chestnut Ridge
See how much it might cost to go solar in Chestnut Ridge.
The average cost of a solar panel system in Chestnut Ridge is 2.95 per watt. Because a 4.2-kW system is needed to cover the energy consumption of a typical home in Chestnut Ridge, the average price of going solar will be about $8,756 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and your own solar costs will vary based on factors unique to your home and what company you go with. For most homeowners, the upfront cost of solar is worth paying. On average Chestnut Ridge homeowners see about $24,000 in savings on energy bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Chestnut Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-8,669 |
| 3 years | $-8,488 |
| 5 years | $-8,308 |
| 7 years | $-8,127 |
| 9 years | $-7,946 |
| 11 years | $-7,766 |
| 13 years | $-7,585 |
| 15 years | $-7,404 |
| 17 years | $-7,224 |
| 19 years | $-7,043 |
| 21 years | $-6,862 |
| 23 years | $-6,682 |
| 25 years | $-6,501 |
Top Solar Installers in Chestnut Ridge
When switching to solar energy, many homeowners prefer to use a solar installation company since putting up solar panels yourself can be a time-consuming project. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Chestnut Ridge
Factors that Affect Solar Panel Costs in Chestnut Ridge
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Chestnut Ridge: solar equipment and system size, financing options and the solar installation company you choose. We'll go over 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. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Chestnut Ridge to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Chestnut Ridge, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $12,886 | $25,446 | 8.4 years |
| 8 kW | $3.01 | $16,850 | $34,259 | 8.2 years |
| 10 kW | $2.95 | $20,650 | $43,236 | 8.1 years |
| 12 kW | $2.89 | $24,284 | $52,379 | 7.9 years |
| 14 kW | $2.83 | $27,754 | $61,687 | 7.8 years |
| 16 kW | $2.77 | $31,058 | $71,161 | 7.6 years |
| 18 kW | $2.71 | $34,196 | $80,799 | 7.4 years |
| 20 kW | $2.66 | $37,170 | $90,603 | 7.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar company, make sure to look it over completely 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.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project completion timeline.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Chestnut Ridge, NY Solar Cost FAQs
What is the average cost of installing solar panels in Chestnut Ridge?
This is a tough question to answer precisely, because the cost depends on many 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, 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 Chestnut Ridge?
Leasing solar panels can be an option if you can't afford to 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 bang for your buck from going solar.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
How long do solar panels last in Chestnut Ridge?
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 after having 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.