Solar Panel Cost Guide in Hempstead, NY (2023 Update)
- Hempstead Solar Installation Cost: $7,950
- 25-Year Savings: $16,198
- Payback Period: 8.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hempstead
See how much it might cost to switch to solar power in Hempstead.
The national average cost of solar panels is $2.66 per watt, but in Hempstead it's 2.95 per watt. To cover the typical energy needs of the average home in Hempstead, most homeowners require a 3.9-kilowatt system. Using the figure above, a solar installation costs around $7,950, or $11,368 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of equipment you want to get, your solar contractor and more. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $24,000 in savings on energy bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a custom quote.
Solar savings over time in Hempstead
| Year | Return on Investment |
|---|---|
| 1 years | $-6,984 |
| 3 years | $-5,053 |
| 5 years | $-3,121 |
| 7 years | $-1,189 |
| 9 years | $743 |
| 11 years | $2,675 |
| 13 years | $4,607 |
| 15 years | $6,538 |
| 17 years | $8,470 |
| 19 years | $10,402 |
| 21 years | $12,334 |
| 23 years | $14,266 |
| 25 years | $16,198 |
Top Solar Installers in Hempstead
Many homeowners opt for a solar panel installer since installing solar panels on your own can be challenging. Companies can also provide access to various kinds of the best solar panels and help you pick which one will be best for you.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Hempstead
Factors that Affect Solar Panel Costs in Hempstead
For many Hempstead homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Hempstead, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,950. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Hempstead, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Hempstead to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. Although solar loans make switching to solar energy more accessible for Hempstead homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Hempstead, you'll have many options to choose from, but each comes at different price points for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that provides 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 | $24,763 | 8.6 years |
| 8 kW | $3.01 | $16,850 | $33,348 | 8.4 years |
| 10 kW | $2.95 | $20,650 | $42,098 | 8.2 years |
| 12 kW | $2.89 | $24,284 | $51,013 | 8.1 years |
| 14 kW | $2.83 | $27,754 | $60,093 | 7.9 years |
| 16 kW | $2.77 | $31,058 | $69,339 | 7.7 years |
| 18 kW | $2.71 | $34,196 | $78,750 | 7.6 years |
| 20 kW | $2.66 | $37,170 | $88,326 | 7.4 years |
How to Save on Solar Panels
The solar installer you choose will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: Before signing a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component 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 Hempstead, NY Solar Cost FAQs
How much does it cost to install solar panels in Hempstead?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly 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 extra solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Hempstead?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of 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.
How will solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hempstead is currently $478,882, so you can expect a value of about $19,634 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hempstead is a rewarding investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires 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.