Solar Panel Cost Guide in Elwood, NY (2023 Update)
- Elwood Solar Installation Cost: $8,033
- 25-Year Savings: $14,338
- Payback Period: 9.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elwood
See how much it might cost to make the switch to solar in Elwood.
The average cost of solar panels in Elwood is 2.95 per watt. Since a 3.9-kW system is needed to cover the energy consumption of a typical home in Elwood, the average price of going solar will be about $8,033 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of going solar can vary depending on several factors, such as how many panels you need, your energy usage and what solar installer you go with. For many homeowners, the upfront investment in solar power is worth paying. On average Elwood homeowners see about $22,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a top solar installer in Elwood for a custom estimate.
Solar savings over time in Elwood
| Year | Return on Investment |
|---|---|
| 1 years | $-7,138 |
| 3 years | $-5,348 |
| 5 years | $-3,559 |
| 7 years | $-1,769 |
| 9 years | $21 |
| 11 years | $1,810 |
| 13 years | $3,600 |
| 15 years | $5,390 |
| 17 years | $7,179 |
| 19 years | $8,969 |
| 21 years | $10,759 |
| 23 years | $12,548 |
| 25 years | $14,338 |
Top Solar Installers in Elwood
Installing solar panels yourself can be a dangerous undertaking, which is why hiring a solar installer is a good option for many homeowners. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
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 Elwood
Factors that Affect Solar Panel Costs in Elwood
There are a number of factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels 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 spend about $2,950 per kilowatt in Elwood. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Elwood average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also adds to your total costs, so it's crucial to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Elwood, and each can charge different amounts for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $21,650 | 9.3 years |
| 8 kW | $3.01 | $16,850 | $29,197 | 9.1 years |
| 10 kW | $2.95 | $20,650 | $36,909 | 9.0 years |
| 12 kW | $2.89 | $24,284 | $44,786 | 8.8 years |
| 14 kW | $2.83 | $27,754 | $52,829 | 8.6 years |
| 16 kW | $2.77 | $31,058 | $61,037 | 8.4 years |
| 18 kW | $2.71 | $34,196 | $69,410 | 8.3 years |
| 20 kW | $2.66 | $37,170 | $77,948 | 8.1 years |
How to Save on Solar Panels
The solar panel company you choose will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Solar Panel Brands: Different companies will have different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Look through the contract terms thoroughly to make sure you understand the total cost, project timeline rebates and warranties.
- Warranty: Companies typically offer different types 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 Elwood, NY Solar Cost FAQs
What is the average cost of installing solar panels in Elwood?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly 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 more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Elwood?
Leasing solar panels can be an option if you can't 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 home 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 financial benefits from going solar.
Does Elwood have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.