Solar Panel Cost Guide in Hamilton, NY (2023 Update)
- Hamilton Solar Installation Cost: $9,533
- 25-Year Savings: $5,267
- Payback Period: 16.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hamilton
Find out what the average cost of a solar system is in Hamilton.
While the national average of solar panels is $2.66 per watt, solar panels in Hamilton generally cost about 2.95. Using this figure, a typical 4.6-kW system would cost about $9,540 before the 30% federal solar tax credit is applied.
The actual price you pay can be above or below the average in Hamilton based on a few factors, such as the brand of solar panels you choose and the solar installer you hire. Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Hamilton can save around $12,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Hamilton that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hamilton
| Year | Return on Investment |
|---|---|
| 1 years | $-8,707 |
| 3 years | $-7,055 |
| 5 years | $-5,403 |
| 7 years | $-3,752 |
| 9 years | $-2,100 |
| 11 years | $-448 |
| 13 years | $1,204 |
| 15 years | $2,856 |
| 17 years | $4,508 |
| 19 years | $6,159 |
| 21 years | $7,811 |
| 23 years | $9,463 |
| 25 years | $11,115 |
Top Solar Installers in Hamilton
When switching to solar energy, many homeowners choose to go with a solar installation company since handling can be a challenging project. Plus, if you'd like to maximize your investment in solar energy, 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.
If you'd like to start using solar energy but still aren't sure which solar 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 Hamilton
Factors that Affect Solar Panel Costs in Hamilton
The cost of installing a solar system in Hamilton 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 company you choose.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,950. There are several different solar panel brands and the one you pick also changes the cost. Usually, the brands that are more efficient tend to also cost more. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Hamilton homeowners opt to finance their solar panel systems to make paying for solar more affordable. Although solar loans make going solar more accessible for Hamilton homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you choose will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $6,350 | 16.7 years |
| 8 kW | $3.01 | $16,850 | $8,797 | 16.4 years |
| 10 kW | $2.95 | $20,650 | $11,409 | 16.1 years |
| 12 kW | $2.89 | $24,284 | $14,186 | 15.8 years |
| 14 kW | $2.83 | $27,754 | $17,129 | 15.5 years |
| 16 kW | $2.77 | $31,058 | $20,236 | 15.1 years |
| 18 kW | $2.71 | $34,196 | $23,509 | 14.8 years |
| 20 kW | $2.66 | $37,170 | $26,947 | 14.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose significantly affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 Hamilton, NY Solar Cost FAQs
How much does it cost to install solar panels in Hamilton?
This is a hard question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Hamilton have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses 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 household 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.