Solar Panel Cost Guide in Farmington, NY (2023 Update)
- Farmington Solar Installation Cost: $9,518
- 25-Year Savings: $6,806
- Payback Period: 14.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Farmington
Find out what the average cost of a solar system is in Farmington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Farmington, the average cost of a solar system is 2.95 per watt. Because a 4.6-kW system is needed to cover the energy needs of a typical home in Farmington, the average price of going solar will be about $9,520 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of equipment you want, your solar contractor and more. With average savings of about $13,000 on power bills over 20 years, many homeowners in Farmington find investing in solar can be quite rewarding.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Farmington
| Year | Return on Investment |
|---|---|
| 1 years | $-8,652 |
| 3 years | $-6,918 |
| 5 years | $-5,185 |
| 7 years | $-3,452 |
| 9 years | $-1,718 |
| 11 years | $15 |
| 13 years | $1,748 |
| 15 years | $3,482 |
| 17 years | $5,215 |
| 19 years | $6,948 |
| 21 years | $8,682 |
| 23 years | $10,415 |
| 25 years | $12,148 |
Top Solar Installers in Farmington
Many homeowners decide to hire a solar installer since installing solar panels by yourself can be challenging. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be best for your family.
If you'd like to go solar but still aren't sure which solar system installer to go with, here are our suggestions 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 Farmington
Factors that Affect Solar Panel Costs in Farmington
While the average cost of a solar system in Farmington is $9,520, your final cost may differ. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
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 power your household uses, the larger your system will likely need to be. You can expect to pay about $2,950 per kilowatt in Farmington. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a popular option because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Farmington, and each can charge different amounts for labor and equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $8,364 | 15.2 years |
| 8 kW | $3.01 | $16,850 | $11,482 | 14.9 years |
| 10 kW | $2.95 | $20,650 | $14,766 | 14.6 years |
| 12 kW | $2.89 | $24,284 | $18,214 | 14.3 years |
| 14 kW | $2.83 | $27,754 | $21,828 | 14.0 years |
| 16 kW | $2.77 | $31,058 | $25,608 | 13.7 years |
| 18 kW | $2.71 | $34,196 | $29,552 | 13.4 years |
| 20 kW | $2.66 | $37,170 | $33,661 | 13.1 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 brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- 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
EcoWatch's Farmington, NY Solar Cost FAQs
How much does it cost to install solar panels in Farmington?
This is a hard 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 cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Farmington?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to 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 savings from going solar.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Farmington is currently $193,661, so you could be looking at a value of about $7,940 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Farmington is a rewarding investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house 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.