Solar Panel Cost Guide in Colonie, NY (2023 Update)
- Colonie Solar Installation Cost: $9,197
- 25-Year Savings: $6,870
- Payback Period: 14.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Colonie
See how much it might cost to install solar panels in Colonie.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Colonie, the typical cost of a solar system is 2.95 per watt. Since a 4.5-kW system is needed to cover the energy costs of a typical home in Colonie, the average price of going solar will be about $9,189 after claiming the federal solar tax credit of 30%.
The true price you pay can be above or below the average in Colonie based on a few factors, such as the brand of solar panels you choose and the solar contractor you hire. But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on electricity bills.
You can click the button below to get connected with a pre-vetted solar company in Colonie for a quote for your home.
Solar savings over time in Colonie
| Year | Return on Investment |
|---|---|
| 1 years | $-9,143 |
| 3 years | $-9,036 |
| 5 years | $-8,929 |
| 7 years | $-8,822 |
| 9 years | $-8,715 |
| 11 years | $-8,608 |
| 13 years | $-8,501 |
| 15 years | $-8,394 |
| 17 years | $-8,286 |
| 19 years | $-8,179 |
| 21 years | $-8,072 |
| 23 years | $-7,965 |
| 25 years | $-7,858 |
Top Solar Installers in Colonie
Trying to install solar panels on your own can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Another upside of utilizing a solar company is that they can help you optimize your investment by cutting back on future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
Working with a licensed solar installer can help you make the most of your investment in solar. 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 Colonie
Factors that Affect Solar Panel Costs in Colonie
For many Colonie homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Colonie, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar system in Colonie, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily 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. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Colonie average.
Solar Financing Terms
Many homeowners find the average cost of solar in Colonie to be too steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time because of interest. However, the interest on solar loans also adds to your total costs, so it's vital to keep that in mind as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Colonie is the company you choose to install your PV system. As with choosing a company to install new cabinets, for example, you'll have many options for solar installers that offer a range of services at different costs. The company's size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $8,759 | 14.9 years |
| 8 kW | $3.01 | $16,850 | $12,009 | 14.6 years |
| 10 kW | $2.95 | $20,650 | $15,424 | 14.3 years |
| 12 kW | $2.89 | $24,284 | $19,005 | 14.0 years |
| 14 kW | $2.83 | $27,754 | $22,750 | 13.7 years |
| 16 kW | $2.77 | $31,058 | $26,661 | 13.5 years |
| 18 kW | $2.71 | $34,196 | $30,737 | 13.2 years |
| 20 kW | $2.66 | $37,170 | $34,979 | 12.9 years |
How to Save on Solar Panels
There are a large number of companies available in Colonie, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two 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.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before you sign a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 Colonie, NY Solar Cost FAQs
How much does it cost to install solar panels in Colonie?
This is a hard question to answer exactly, because the cost depends on a variety of 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 above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Colonie?
Solar panels aren't free in Colonie, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Colonie?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Colonie?
Even though 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 the amount of 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 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.