Solar Panel Cost Guide in Elma, NY (2024 Update)
- Elma Solar Installation Cost: $11,696
- 25-Year Savings: $5,582
- Payback Period: 19.4 Years
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Average Cost of Solar Panels in Elma
Here’s how much it might cost to go solar in Elma.
While the national average of solar panels is $2.66 per watt, solar panels in Elma generally cost about 4.The average solar panel system size in Elma is around 4.6 kilowatts, meaning a cost of about $11,696 for a solar installation, or $16,725 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Elma homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.With typical savings of about $12,000 on electricity bills over 20 years, many homeowners in Elma find installing solar panels can pay off big.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Elma
| Year | Return on Investment |
|---|---|
| 1 years | $-10,870 |
| 3 years | $-9,218 |
| 5 years | $-7,566 |
| 7 years | $-5,914 |
| 9 years | $-4,263 |
| 11 years | $-2,611 |
| 13 years | $-959 |
| 15 years | $693 |
| 17 years | $2,345 |
| 19 years | $3,997 |
| 21 years | $5,648 |
| 23 years | $7,300 |
| 25 years | $8,952 |
Top Solar Installers in Elma
Many homeowners opt for a solar installer since figuring out how to install solar panels yourself can be hard. Another benefit of going with a solar company is that they can help you optimize your ROI by lowering your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
Working with a licensed solar installer 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Elma
Factors that Affect Solar Panel Costs in Elma
There are several factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The kind of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Elma to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to paying more over time due to interest.However, the interest on solar loans also increases your all-in costs, so it’s important to consider that as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can affect how much you pay. Elma’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Elma know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $3,763 | 20.2 years |
| 8 kW | $3.72 | $20,849 | $5,426 | 19.8 years |
| 10 kW | $3.65 | $25,550 | $7,293 | 19.4 years |
| 12 kW | $3.58 | $30,047 | $9,365 | 19.1 years |
| 14 kW | $3.50 | $34,339 | $11,641 | 18.7 years |
| 16 kW | $3.43 | $38,427 | $14,122 | 18.3 years |
| 18 kW | $3.36 | $42,311 | $16,807 | 17.9 years |
| 20 kW | $3.29 | $45,990 | $19,696 | 17.5 years |
How to Save on Solar Panels
The solar installer you go with will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:
- Contract: Even though reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- 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 most 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.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Elma?
Leasing solar panels can be an appealing choice, as it often 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. 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.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.