Solar Panel Cost Guide in Galway, NY (2023 Update)
- Galway Solar Installation Cost: $9,259
- 25-Year Savings: $6,747
- Payback Period: 14.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Galway
Let's take a look at the average cost of solar panels in Galway.
The national average cost of solar panels is $2.66 per watt, but in Galway it's 2.95 per watt. The average Galway homeowner needs a 4.5-kilowatt system, which would cost about $9,251 with the federal tax credit, or $13,229 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what installation company you go with. Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Galway can save about $14,000 on their electricity bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Galway
| Year | Return on Investment |
|---|---|
| 1 years | $-8,365 |
| 3 years | $-6,575 |
| 5 years | $-4,785 |
| 7 years | $-2,996 |
| 9 years | $-1,206 |
| 11 years | $583 |
| 13 years | $2,373 |
| 15 years | $4,163 |
| 17 years | $5,952 |
| 19 years | $7,742 |
| 21 years | $9,531 |
| 23 years | $11,321 |
| 25 years | $13,110 |
Top Solar Installers in Galway
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Taking advantage of an installer can make your switch to solar power much easier. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Galway:
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 Galway
Factors that Affect Solar Panel Costs in Galway
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Galway: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,950. The model of solar panels and equipment you get is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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 searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Galway homeowners opt to finance their solar panel systems to offset upfront costs. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Galway, and each can charge varying amounts for labor and equipment. Additionally, some companies in Galway are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $3.07 | $12,886 | $8,532 | 15.0 years |
| 8 kW | $3.01 | $16,850 | $11,706 | 14.8 years |
| 10 kW | $2.95 | $20,650 | $15,046 | 14.5 years |
| 12 kW | $2.89 | $24,284 | $18,550 | 14.2 years |
| 14 kW | $2.83 | $27,754 | $22,220 | 13.9 years |
| 16 kW | $2.77 | $31,058 | $26,055 | 13.6 years |
| 18 kW | $2.71 | $34,196 | $30,056 | 13.3 years |
| 20 kW | $2.66 | $37,170 | $34,221 | 13.0 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 decide on the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- 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 likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer's reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
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 Galway, NY Solar Cost FAQs
What is the average cost of installing solar panels in Galway?
The average cost of solar panels in Galway is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Galway?
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 can't take advantage of many solar incentives. Also your property 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 property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Galway is currently $185,051, which means you can expect a value of about $7,587 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Galway is a fruitful investment.
How long do solar panels last in Galway?
On average, solar panels can last 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 higher level 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.