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.Because a 3.8-kW system is needed to cover the energy costs 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 numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more.Many homeowners find adopting solar power is a solid investment. The average homeowner in Inwood can save about $28,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Inwood for a quote for your home.
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. Hiring an installer can make swapping over to solar power much easier. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you’d like to switch to solar energy but still aren’t certain which solar installer to go with, here are our recommendations for providers nearby:
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
Although the average cost of a solar system in Inwood is $9,833, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the cost of solar panels 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 figure out by looking at past electricity bills. Your total cost can increase by around $3,650 for each additional kilowatt you need.There are several different solar panel brands and the one you choose also changes the cost. Usually, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Inwood, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you pick will play a role in your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Inwood know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 solar company you opt for will be a major factor in determining not only your overall costs, but also the types 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: When looking over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign 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 prices as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project completion timeline.
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 certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Inwood?
Leasing solar panels can be an attractive choice, as it often 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 maximize your savings.
Does Inwood have a net metering program?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
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 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.