Solar Panel Cost Guide in Homer, NY (2023 Update)
- Homer Solar Installation Cost: $9,602
- 25-Year Savings: $6,002
- Payback Period: 15.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Homer
Let's have a look at the average cost of solar panels in Homer.
While the national average of solar panels is $2.66 per watt, solar panels in Homer generally cost around 2.95. To cover the typical energy usage of the average home in Homer, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $9,602, or $13,731 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary based on multiple factors, such as how many panels you need, your energy usage and what installation company you go with. With typical savings of about $13,000 on utility bills over 20 years, many homeowners in Homer find investing in solar can be quite rewarding.
To receive a free quote from a highly rated solar installer in Homer, you can click the button below.
Solar savings over time in Homer
| Year | Return on Investment |
|---|---|
| 1 years | $-8,978 |
| 3 years | $-7,730 |
| 5 years | $-6,481 |
| 7 years | $-5,233 |
| 9 years | $-3,985 |
| 11 years | $-2,736 |
| 13 years | $-1,488 |
| 15 years | $-240 |
| 17 years | $1,008 |
| 19 years | $2,257 |
| 21 years | $3,505 |
| 23 years | $4,753 |
| 25 years | $6,002 |
Top Solar Installers in Homer
Many homeowners opt for a solar panel installer since figuring out how to install solar panels on your own can be hard. Some solar installers, especially local ones, can help you make the most of incentives in Homer, optimizing your ROI.
If you're looking for a solar installer in Homer, we've compiled a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Homer
Factors that Affect Solar Panel Costs in Homer
While the average cost of a solar system in Homer is $9,602, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,950. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the Homer average.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid choice because they lower your upfront costs and let you pay for your system over five to seven years on average. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can affect the cost. Homer's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: The type of solar panel you need to get plays a role in which company you should choose, since different companies provide different panels.
- Contract: Read the contract terms thoroughly to make sure you understand the overall cost, project completion timeline rebates and warranties.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Homer?
A solar panel system isn't free in Homer, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Homer?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.