Solar Panel Cost Guide in Greenwood Lake, NY (2023 Update)

  • Greenwood Lake Solar Installation Cost: $8,941
  • 25-Year Savings: $18,158
  • Payback Period: 8.2 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 04, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Greenwood Lake

Here's how much it might cost to go solar in Greenwood Lake.

The national average cost of solar panels is $2.66 per watt, but in Greenwood Lake it's 2.95 per watt. The average Greenwood Lake homeowner needs a 4.3-kilowatt system, which would cost about $8,941 with the federal tax credit, or $12,786 before the 30% tax credit is applied.

These figures are only estimates, and the cost of going solar for you will most likely vary based on your energy needs and what company you want to go with. Despite the large initial cost, the average Greenwood Lake homeowner can save around $24,000 on their power bills over 20 years, which is one of the benefits of solar.

To get a free estimate from a top solar installer in Greenwood Lake, you can click the button below.

Solar savings over time in Greenwood Lake

Year Return on Investment
1 years $-7,857
3 years $-5,690
5 years $-3,522
7 years $-1,354
9 years $814
11 years $2,982
13 years $5,150
15 years $7,318
17 years $9,486
19 years $11,654
21 years $13,822
23 years $15,990
25 years $18,158

Top Solar Installers in Greenwood Lake

Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make your switch to solar power much easier. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.

You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Greenwood Lake

Factors that Affect Solar Panel Costs in Greenwood Lake

Although the average cost of a solar system in Greenwood Lake is $8,941, your actual cost may differ. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.

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 consumes, the larger your system will likely need to be. You can expect to pay around $2,950 per kilowatt in Greenwood Lake. The brand of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that have higher efficiency, 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 looking for a solar system that's in your budget.

Solar Financing Terms

For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Greenwood Lake, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. Even though solar loans make switching to solar energy more accessible for Greenwood Lake homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Greenwood Lake, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that has the products, warranties and services you're looking for and also is within your budget.

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 $24,684 8.6 years
8 kW $3.01 $16,850 $33,243 8.4 years
10 kW $2.95 $20,650 $41,967 8.2 years
12 kW $2.89 $24,284 $50,856 8.1 years
14 kW $2.83 $27,754 $59,910 7.9 years
16 kW $2.77 $31,058 $69,129 7.7 years
18 kW $2.71 $34,196 $78,514 7.6 years
20 kW $2.66 $37,170 $88,063 7.4 years

How to Save on Solar Panels

The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:

  • Warranty: Warranties that cover replacement parts and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
  • Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
  • Solar Panel Brands: The model of solar panel you'd like to get plays a part in which company you should choose, since different companies offer different panels.
  • Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Greenwood Lake, NY Solar Cost FAQs

How much does it cost to install solar panels in Greenwood Lake?

The average cost of solar panels in Greenwood Lake 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 stuff like the kind 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 Greenwood Lake?

Leasing solar panels can be an attractive choice, as it typically 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.

How much can I save on energy bills after installing solar panels?

It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Greenwood Lake, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.

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.

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