Solar Panel Cost Guide in Floyd, NY (2023 Update)
- Floyd Solar Installation Cost: $9,540
- 25-Year Savings: $6,667
- Payback Period: 14.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Floyd
Let's have a look at the average cost of solar in Floyd.
The average cost of a solar panel system in Floyd is 2.95 per watt. Using this figure, a typical 4.6-kW system would cost about $9,540 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of solar panels you want, your solar contractor and more. Many homeowners find adopting solar power is a sound investment. The average homeowner in Floyd can save around $13,000 on their power bills over 20 years.
To receive a free estimate from a top solar company in Floyd, you can click the button below.
Solar savings over time in Floyd
| Year | Return on Investment |
|---|---|
| 1 years | $-9,486 |
| 3 years | $-9,378 |
| 5 years | $-9,270 |
| 7 years | $-9,162 |
| 9 years | $-9,054 |
| 11 years | $-8,946 |
| 13 years | $-8,838 |
| 15 years | $-8,729 |
| 17 years | $-8,621 |
| 19 years | $-8,513 |
| 21 years | $-8,405 |
| 23 years | $-8,297 |
| 25 years | $-8,189 |
Top Solar Installers in Floyd
Many homeowners opt for a solar installer since trying to put up solar panels yourself can be a labor-intensive endeavor. Also, if you'd like to maximize your investment in solar power, opting for a solar company can help with that as well. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives and net metering programs.
There are several licensed solar professionals that can take care of your solar installation project. 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 Floyd
Factors that Affect Solar Panel Costs in Floyd
The cost of installing a solar system in Floyd can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The 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. On the other hand, more efficient panels could save you more over time on your electric bills. Additionally, extra products, like solar batteries, can bump up your total well above the Floyd average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Floyd, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can impact your pricing. Floyd's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes 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 | $8,163 | 15.3 years |
| 8 kW | $3.01 | $16,850 | $11,215 | 15.0 years |
| 10 kW | $2.95 | $20,650 | $14,432 | 14.7 years |
| 12 kW | $2.89 | $24,284 | $17,814 | 14.4 years |
| 14 kW | $2.83 | $27,754 | $21,361 | 14.1 years |
| 16 kW | $2.77 | $31,058 | $25,073 | 13.8 years |
| 18 kW | $2.71 | $34,196 | $28,951 | 13.5 years |
| 20 kW | $2.66 | $37,170 | $32,994 | 13.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Your solar installer should have a sound reputation as a company and have proven 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 good reviews from past customers.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a good company.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Contract: Before you sign a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
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 Floyd, NY Solar Cost FAQs
How much does it cost to install solar panels in Floyd?
The average cost of solar panels in Floyd 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 Floyd?
A solar panel system isn't free in Floyd, 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.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $701.64 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.