Solar Panel Cost Guide in Elma, NY (2023 Update)
- Elma Solar Installation Cost: $9,458
- 25-Year Savings: $5,577
- Payback Period: 15.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elma
We break down average solar pricing in Elma.
While the national average of solar panels is $2.66 per watt, solar panels in Elma generally cost about 2.95. Using this figure, a typical 4.6-kW system would cost about $9,458 before the 30% federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Elma based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire. With average savings of about $12,000 on electricity bills over 20 years, many homeowners in Elma find investing in solar can be quite rewarding.
Click the button below to get connected to a top solar panel company in Elma for a personalized quote.
Solar savings over time in Elma
| Year | Return on Investment |
|---|---|
| 1 years | $-8,856 |
| 3 years | $-7,654 |
| 5 years | $-6,451 |
| 7 years | $-5,248 |
| 9 years | $-4,045 |
| 11 years | $-2,843 |
| 13 years | $-1,640 |
| 15 years | $-437 |
| 17 years | $766 |
| 19 years | $1,969 |
| 21 years | $3,171 |
| 23 years | $4,374 |
| 25 years | $5,577 |
Top Solar Installers in Elma
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar company can make converting to solar power much easier. Some solar companies, especially local ones, can help you make the most of incentives in Elma, optimizing your ROI.
If you'd like to start using solar energy but still aren't certain which solar system installer to go with, here are our recommendations for providers nearby:
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 Elma
Factors that Affect Solar Panel Costs in Elma
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in Elma: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,950 per kilowatt in Elma. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Elma, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, 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
Most solar installers in Elma offer solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also increases your all-in costs, so it's important to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can impact your pricing. Elma's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically 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 additional 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 | $6,820 | 16.3 years |
| 8 kW | $3.01 | $16,850 | $9,424 | 16.0 years |
| 10 kW | $2.95 | $20,650 | $12,193 | 15.7 years |
| 12 kW | $2.89 | $24,284 | $15,127 | 15.4 years |
| 14 kW | $2.83 | $27,754 | $18,227 | 15.1 years |
| 16 kW | $2.77 | $31,058 | $21,491 | 14.8 years |
| 18 kW | $2.71 | $34,196 | $24,921 | 14.5 years |
| 20 kW | $2.66 | $37,170 | $28,516 | 14.1 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 models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: If you're worried about the longevity of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- Contract: Read the contract terms thoroughly to make sure you understand the total cost, project 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 Elma, NY Solar Cost FAQs
What is the average cost of installing solar panels in Elma?
The average cost of solar panels in Elma is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Elma?
You can't get solar panels for free in Elma. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $656.86 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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.