Solar Panel Cost Guide in Ithaca, NY (2023 Update)
- Ithaca Solar Installation Cost: $9,623
- 25-Year Savings: $5,177
- Payback Period: 16.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Ithaca
Find out what the average cost of solar panels are in Ithaca.
Although the national average of solar panels is $2.66 per watt, solar panels in Ithaca typically cost around 2.95. The average solar panel system size in Ithaca is around 4.7 kilowatts, meaning a cost of about $9,623 for a solar installation, or $13,761 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Ithaca homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find going solar is a fruitful investment. The average homeowner in Ithaca can save about $12,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar installer in your area for a custom quote.
Solar savings over time in Ithaca
| Year | Return on Investment |
|---|---|
| 1 years | $-9,031 |
| 3 years | $-7,847 |
| 5 years | $-6,663 |
| 7 years | $-5,479 |
| 9 years | $-4,295 |
| 11 years | $-3,111 |
| 13 years | $-1,927 |
| 15 years | $-743 |
| 17 years | $441 |
| 19 years | $1,625 |
| 21 years | $2,809 |
| 23 years | $3,993 |
| 25 years | $5,177 |
Top Solar Installers in Ithaca
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring an installer can make your switch to solar power much easier. A solar installer can also help save you money in the long run by providing warranties, repairs and component replacements.
If you're looking for a solar company in Ithaca, the EcoWatch team has organized 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
See all of the solar companies in Ithaca
Factors that Affect Solar Panel Costs in Ithaca
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Ithaca: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require better technology and/or more equipment, both of which can increase 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. However, more efficient panels could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Ithaca average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a solid option because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Ithaca is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you'll have no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in Ithaca have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $3.07 | $12,886 | $6,171 | 16.9 years |
| 8 kW | $3.01 | $16,850 | $8,559 | 16.6 years |
| 10 kW | $2.95 | $20,650 | $11,112 | 16.3 years |
| 12 kW | $2.89 | $24,284 | $13,829 | 15.9 years |
| 14 kW | $2.83 | $27,754 | $16,713 | 15.6 years |
| 16 kW | $2.77 | $31,058 | $19,761 | 15.3 years |
| 18 kW | $2.71 | $34,196 | $22,974 | 15.0 years |
| 20 kW | $2.66 | $37,170 | $26,353 | 14.6 years |
How to Save on Solar Panels
The solar panel company you go with will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer's reputation is by reading reviews.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies will have various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
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 Ithaca, NY Solar Cost FAQs
How much does it cost to install solar panels in Ithaca?
The average cost of solar panels in Ithaca is about $14,750 for a 5-kW system and $29,500 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 use.
Can you get solar panels for free in Ithaca?
A solar panel system isn't free in Ithaca, 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 help lower the cost.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Ithaca is currently $238,151, which means you could be looking at a value of about $9,764 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Ithaca is a fruitful investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs 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 account for 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.