Solar Panel Cost Guide in Inwood, NY (2024 Update)
- Inwood Solar Installation Cost: $9,833
- 25-Year Savings: $19,908
- Payback Period: 8.8 Years
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Average Cost of Solar Panels in Inwood
Find out what the average cost of solar panels are in Inwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Inwood, the typical cost of a solar system is 4 per watt.Since a 3.8-kW system is needed to cover the energy usage of a typical home in Inwood, the average price of going solar will be about $9,833 after claiming the federal solar tax credit of 0.
Keep 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 your situation, like your household energy use and solar contractor.Despite the significant upfront cost, the average Inwood homeowner can save around $28,000 on their energy bills over 20 years, which is one of the advantages of solar.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Inwood
| Year | Return on Investment |
|---|---|
| 1 years | $-7,953 |
| 3 years | $-4,194 |
| 5 years | $-434 |
| 7 years | $3,325 |
| 9 years | $7,085 |
| 11 years | $10,844 |
| 13 years | $14,603 |
| 15 years | $18,363 |
| 17 years | $22,122 |
| 19 years | $25,881 |
| 21 years | $29,641 |
| 23 years | $33,400 |
| 25 years | $37,160 |
Top Solar Installers in Inwood
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Using a solar panel installer can make your switch to solar power much easier. Companies can also have access to a large variety of the best solar panels and help you decide which one will be right for your home.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Inwood
Factors that Affect Solar Panel Costs in Inwood
For many Inwood homeowners, the decision to install solar panels depends 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 a few 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 system in Inwood, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by around $3,650 for each additional kilowatt you need.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Inwood homeowners opt to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also increases your total costs, so it’s vital to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can affect the cost. Inwood’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Inwood have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $27,486 | 9.2 years |
| 8 kW | $3.72 | $20,849 | $37,056 | 9.0 years |
| 10 kW | $3.65 | $25,550 | $46,832 | 8.8 years |
| 12 kW | $3.58 | $30,047 | $56,811 | 8.6 years |
| 14 kW | $3.50 | $34,339 | $66,995 | 8.5 years |
| 16 kW | $3.43 | $38,427 | $77,383 | 8.3 years |
| 18 kW | $3.36 | $42,311 | $87,976 | 8.1 years |
| 20 kW | $3.29 | $45,990 | $98,773 | 7.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Inwood, NY Solar Cost FAQs
What is the average cost of installing solar panels in Inwood?
The average cost of solar panels in Inwood is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Inwood?
Leasing solar panels can be an option if you are unable 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.
Does Inwood have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future electricity bills.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to 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.