Solar Panel Cost Guide in Homer, NY (2023 Update)
- Homer Solar Installation Cost: $9,600
- 25-Year Savings: $6,004
- Payback Period: 15.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Homer
Here's how much it might cost to install solar panels in Homer.
The national average cost of solar panels is $2.66 per watt, but in Homer it's 2.95 per watt. The average Homer homeowner needs a 4.7-kilowatt system, which would cost about $9,602 with the federal tax credit, or $13,731 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of going solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what company you go with. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $13,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a highly rated solar company in Homer for a custom estimate.
Solar savings over time in Homer
| Year | Return on Investment |
|---|---|
| 1 years | $-9,548 |
| 3 years | $-9,444 |
| 5 years | $-9,340 |
| 7 years | $-9,236 |
| 9 years | $-9,132 |
| 11 years | $-9,028 |
| 13 years | $-8,924 |
| 15 years | $-8,820 |
| 17 years | $-8,716 |
| 19 years | $-8,612 |
| 21 years | $-8,507 |
| 23 years | $-8,403 |
| 25 years | $-8,299 |
Top Solar Installers in Homer
Installing solar panels on your own can be a stressful undertaking, which is why using a solar installation company is a good option for many homeowners. Some solar installers, especially local ones, can help you take advantage of incentives in Homer, optimizing your ROI.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some 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 Homer
Factors that Affect Solar Panel Costs in Homer
For many Homer homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Homer, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Homer, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by around $2,950 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Homer, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. Though solar loans make going solar more accessible for Homer homeowners, they can also add to 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 solar company you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Homer, and each can charge different amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $7,254 | 16.0 years |
| 8 kW | $3.01 | $16,850 | $10,002 | 15.7 years |
| 10 kW | $2.95 | $20,650 | $12,916 | 15.4 years |
| 12 kW | $2.89 | $24,284 | $15,994 | 15.1 years |
| 14 kW | $2.83 | $27,754 | $19,238 | 14.8 years |
| 16 kW | $2.77 | $31,058 | $22,647 | 14.5 years |
| 18 kW | $2.71 | $34,196 | $26,222 | 14.1 years |
| 20 kW | $2.66 | $37,170 | $29,961 | 13.8 years |
How to Save on Solar Panels
The solar installer you choose will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:
- Contract: Before signing a contract with a solar company, be sure to read it through fully 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 component breaks or malfunctions and what services you can expect from them.
- Warranty: If you're concerned about the durability of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
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 Homer, NY Solar Cost FAQs
What is the average cost of installing solar panels in Homer?
The average cost of solar panels in Homer 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 stuff like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Homer?
Leasing solar panels can be an appealing choice, because it usually 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.
Do solar panels increase your 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 Homer is currently $127,133, which means you can expect a value of about $5,212 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Homer is a fruitful investment.
How often do you have to replace solar panels?
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.