Solar Panel Cost Guide in Lafayette, NY (2023 Update)
- Lafayette Solar Installation Cost: $9,561
- 25-Year Savings: $6,294
- Payback Period: 15.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lafayette
We break down average solar pricing in Lafayette.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lafayette, the typical cost of a solar system is 2.95 per watt. The average Lafayette homeowner needs a 4.6-kilowatt system, which would cost about $9,561 with the federal tax credit, or $13,672 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Lafayette homeowner. The cost 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 sound investment. The average homeowner in Lafayette can save around $13,000 on their energy bills over 20 years.
To get a free estimate from a highly rated solar installation company in Lafayette, you can click the button below.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-8,927 |
| 3 years | $-7,658 |
| 5 years | $-6,390 |
| 7 years | $-5,121 |
| 9 years | $-3,853 |
| 11 years | $-2,585 |
| 13 years | $-1,316 |
| 15 years | $-48 |
| 17 years | $1,221 |
| 19 years | $2,489 |
| 21 years | $3,757 |
| 23 years | $5,026 |
| 25 years | $6,294 |
Top Solar Installers in Lafayette
Installing solar panels yourself can be a dangerous task, which is why using a solar installation company is a good option for many homeowners. Plus, if you'd like to maximize your investment in solar power, going with a solar company can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
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 Lafayette
Factors that Affect Solar Panel Costs in Lafayette
While the average cost of a solar system in Lafayette is $9,561, your final cost may differ. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. There are a lot of different solar panel brands and the one you pick also affects the cost. In many cases, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you choose 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 out of pocket can be challenging. Solar loans are available from most installers in Lafayette, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. It's wise to add 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 how long it'll take to pay back the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Lafayette is the company you get to install your PV system. As with choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different price points. 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 due to more resources and better 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 | $7,652 | 15.7 years |
| 8 kW | $3.01 | $16,850 | $10,533 | 15.4 years |
| 10 kW | $2.95 | $20,650 | $13,580 | 15.1 years |
| 12 kW | $2.89 | $24,284 | $16,791 | 14.8 years |
| 14 kW | $2.83 | $27,754 | $20,168 | 14.5 years |
| 16 kW | $2.77 | $31,058 | $23,710 | 14.2 years |
| 18 kW | $2.71 | $34,196 | $27,417 | 13.9 years |
| 20 kW | $2.66 | $37,170 | $31,290 | 13.6 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
- Contract: Before signing a contract with a solar company, make sure you look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
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 Lafayette, NY Solar Cost FAQs
How much does it cost to install solar panels in Lafayette?
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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lafayette?
Solar panels aren't free in Lafayette, 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 further reduce the cost.
Can you sell solar power back to the grid in Lafayette?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you 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?
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 how much energy they produce will have decreased significantly after that point. You can replace them after having 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.