Solar Panel Cost Guide in Inwood, NY (2023 Update)
- Inwood Solar Installation Cost: $7,950
- 25-Year Savings: $19,905
- Payback Period: 7.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Inwood
We break down average solar pricing in Inwood.
The average cost of solar panels in Inwood is 2.95 per watt. Because a 3.9-kW system is needed to cover the energy usage of a typical home in Inwood, the average price of going solar will be about $7,950 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Inwood homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Even with the high initial cost, the average Inwood homeowner can save about $28,000 on their energy bills over 20 years, which is one of the benefits of solar.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Inwood
| Year | Return on Investment |
|---|---|
| 1 years | $-6,836 |
| 3 years | $-4,608 |
| 5 years | $-2,379 |
| 7 years | $-151 |
| 9 years | $2,078 |
| 11 years | $4,306 |
| 13 years | $6,534 |
| 15 years | $8,763 |
| 17 years | $10,991 |
| 19 years | $13,220 |
| 21 years | $15,448 |
| 23 years | $17,677 |
| 25 years | $19,905 |
Top Solar Installers in Inwood
Many homeowners decide to use a solar installer since installing solar panels on your own can be hard. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be best for you.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Inwood
Factors that Affect Solar Panel Costs in Inwood
For many Inwood homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Inwood, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Inwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $2,950 for each additional kilowatt you need. The brand and type 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Inwood, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies operating in Inwood, and each can charge different amounts for labor and equipment. Companies that 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 with an above-average cost. It's best to do some research and go with the 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 | $30,543 | 7.4 years |
| 8 kW | $3.01 | $16,850 | $41,055 | 7.3 years |
| 10 kW | $2.95 | $20,650 | $51,732 | 7.1 years |
| 12 kW | $2.89 | $24,284 | $62,573 | 7.0 years |
| 14 kW | $2.83 | $27,754 | $73,581 | 6.8 years |
| 16 kW | $2.77 | $31,058 | $84,753 | 6.7 years |
| 18 kW | $2.71 | $34,196 | $96,090 | 6.6 years |
| 20 kW | $2.66 | $37,170 | $107,593 | 6.4 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
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 Inwood, NY Solar Cost FAQs
How much does it cost to install solar panels in Inwood?
This is a hard question to answer precisely, because the cost depends on a few different 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 other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Inwood have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Inwood?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.