Solar Panel Cost Guide in Island Park, NY (Sep 2022)

  • Island Park Solar Installation Cost: $7,950
  • 25-Year Savings: $14,421
  • Payback Period: 8.9 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Island Park

Let's have a look at the average cost of solar panels in Island Park.

The average cost of a solar panel system in Island Park is $3 per watt. Since a 3.9-kW system is needed to cover the energy needs of a typical home in Island Park, the average price of going solar will be about $7,950 before claiming the federal solar tax credit of 30%.

How much you pay can be higher or lower than the average in Island Park depending on a few factors, such as the type of solar panels you choose and the solar company you hire. But, once you've paid the initial cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $22,000 over 20 years on electricity bills.

To receive a free quote from a top solar company in Island Park, you can click the button below.

Solar savings over time in Island Park

Year Return on Investment
1 years $-7,055
3 years $-5,266
5 years $-3,476
7 years $-1,686
9 years $103
11 years $1,893
13 years $3,683
15 years $5,472
17 years $7,262
19 years $9,052
21 years $10,841
23 years $12,631
25 years $14,421

Top Solar Installers in Island Park

Trying to install solar panels on your own can be a challenging undertaking, which is why hiring a solar installation company is a good option for many homeowners. Companies can also provide access to various kinds of the best solar panels and help you pick which one will be best for your home.

You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Island Park:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Island Park

Factors that Affect Solar Panel Costs in Island Park

For many Island Park homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Island Park, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $2,950 per kilowatt in Island Park. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Island Park homeowners opt to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.

Solar Panel Installation Company

Finally, the company you opt for to install your solar panels can play a part in determining the cost. Island Park's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.

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 $21,993 9.2 years
8 kW $3.01 $16,850 $29,654 9.1 years
10 kW $2.95 $20,650 $37,480 8.9 years
12 kW $2.89 $24,284 $45,472 8.7 years
14 kW $2.83 $27,754 $53,629 8.5 years
16 kW $2.77 $31,058 $61,951 8.3 years
18 kW $2.71 $34,196 $70,438 8.2 years
20 kW $2.66 $37,170 $79,091 8.0 years

Solar Incentives in Island Park

Name Residential Solar Tax Credit
Incentive Amount 25% for solar-electric (PV) and solar-thermal systems; for third-party owned systems this is in reference to the aggregate amount owed under the contract rather than the amount owed in any single year
Incentive Max $5,000 for solar-energy systems
Website Visit here
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Local Option - Real Property Tax Exemption for Green Buildings
Incentive Amount Upon local adoption, 20% - 100% of real property taxes owed; varies by year and certification level
Website Visit here
More Info Click here

Name NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business)
Incentive Amount Incentive rates step down over time as MW goals are met. Incentive rates as of 11/27/2019 are:

Residential:
Long Island Region: $0.00/W (MW blocks have been fully subscribed)
Con Edison Region: $0.30/W
Upstate Region: $0.35/W
Low-to-Moderate income customers: $0.80/W (up to 10 kW)

Small Commercial (Non-Residential):Long Island Region: $0.00/W (MW blocks have been fully subscribed)
Con Edison Region: $0.60/W
Up State Region: $0.45/W

Multifamily Affordable Housing Adder: additional $0.40/W (up to 50 kW)
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR
Website Visit here
More Info Click here

Name NY Green Bank
Website Visit here
More Info Click here

Name Local Option - Solar Sales Tax Exemption
Incentive Amount Upon local authorization, 100% exemption from local sales tax
More Info Click here

Name Solar Sales Tax Exemption
Incentive Amount 100% exemption from state sales tax
Website Visit here
More Info Click here

Name Energy Conservation Improvements Property Tax Exemption
Incentive Amount 100% of the value added to the residence by the improvements
Website Visit here
More Info Click here

Name NY-Sun Loan Program
Website Visit here
More Info Click here

Name Local Option - Solar, Wind & Biomass Energy Systems Exemption
Incentive Amount 100% exemption for 15 years (unless local jurisdiction has opted out)
Website Visit here
More Info Click here

How to Save on Solar Panels

The company that does your solar system 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:

  • Solar Panel Brands: Not all solar companies carry 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.
  • Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
  • Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
  • Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Island Park, NY Solar Cost FAQs

How much does it cost to install solar panels in Island Park?

This is a difficult question to answer exactly, 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 additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.

Should I lease or buy solar panels in Island Park?

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 don't have access to many solar incentives. Also your property 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 financial benefits from going solar.

How much can I save on power bills after installing solar panels?

Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,162.61 per year.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.

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.

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