Solar Panel Cost Guide in Lake Carmel, NY (2024 Update)
- Lake Carmel Solar Installation Cost: $11,042
- 25-Year Savings: $9,476
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Lake Carmel
Here’s how much it might cost to make the switch to solar in Lake Carmel.
The average cost of solar panels in Lake Carmel is 4 per watt.The average Lake Carmel homeowner needs a 4.3-kilowatt system, which would cost about $11,042 with the federal tax credit, or $15,790 before the 0 tax credit is applied.
These figures are only averages, and how much solar costs for you will most likely vary based on factors unique to your home and what company you choose to go with.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Lake Carmel see about $16,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lake Carmel
Year | Return on Investment |
---|---|
1 years | $-9,779 |
3 years | $-7,252 |
5 years | $-4,726 |
7 years | $-2,199 |
9 years | $327 |
11 years | $2,853 |
13 years | $5,380 |
15 years | $7,906 |
17 years | $10,433 |
19 years | $12,959 |
21 years | $15,485 |
23 years | $18,012 |
25 years | $20,538 |
Top Solar Installers in Lake Carmel
Putting up solar panels by yourself can be a dangerous undertaking, which is why getting a solar installation company is a good option for many homeowners. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you're searching for a solar installer in Lake Carmel, the EcoWatch team has put together 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
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 Lake Carmel
Factors that Affect Solar Panel Costs in Lake Carmel
Though the average cost of a solar system in Lake Carmel is $11,042, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
One of the most important 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 pay about $3,650 per kilowatt in Lake Carmel.The type of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Further, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular option because they lower 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 loans, including the total 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 principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Lake Carmel, and each can charge different amounts for labor and equipment.The company’s size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access 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 promotion can bring their pricing lower 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 | $3.80 | $15,943 | $9,603 | 15.6 years |
8 kW | $3.72 | $20,849 | $13,213 | 15.3 years |
10 kW | $3.65 | $25,550 | $17,027 | 15.0 years |
12 kW | $3.58 | $30,047 | $21,046 | 14.7 years |
14 kW | $3.50 | $34,339 | $25,269 | 14.4 years |
16 kW | $3.43 | $38,427 | $29,696 | 14.1 years |
18 kW | $3.36 | $42,311 | $34,328 | 13.8 years |
20 kW | $3.29 | $45,990 | $39,164 | 13.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
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 Lake Carmel, NY Solar Cost FAQs
What is the average cost of installing solar panels in Lake Carmel?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lake Carmel?
You can’t get solar panels for free in Lake Carmel. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lake Carmel is currently $496,813, so you can look forward to a value of about $20,369 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lake Carmel is a rewarding investment.
How many solar panels should I get to power 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 take a 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.