Solar Panel Cost Guide in Lake Carmel, NY (2023 Update)
- Lake Carmel Solar Installation Cost: $8,921
- 25-Year Savings: $9,479
- Payback Period: 12.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lake Carmel
Let's take a look at the average cost of solar in Lake Carmel.
In Lake Carmel, solar panels cost about 2.95 per watt on average. To account for the typical energy usage of the average home in Lake Carmel, most homeowners require a 4.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $8,921, or $12,757 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of equipment you choose, your solar contractor and more. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Lake Carmel can save about $16,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Lake Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-8,185 |
| 3 years | $-6,713 |
| 5 years | $-5,241 |
| 7 years | $-3,769 |
| 9 years | $-2,297 |
| 11 years | $-825 |
| 13 years | $647 |
| 15 years | $2,119 |
| 17 years | $3,591 |
| 19 years | $5,063 |
| 21 years | $6,535 |
| 23 years | $8,007 |
| 25 years | $9,479 |
Top Solar Installers in Lake Carmel
When going solar, many homeowners opt to go with a solar installer since putting up a solar system yourself can be a difficult project. A solar company can also help save you money over time by providing warranties, repairs and part replacements.
If you'd like to switch to solar energy but still aren't sure 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
See all of the solar companies in Lake Carmel
Factors that Affect Solar Panel Costs in Lake Carmel
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Lake Carmel: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,950. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Lake Carmel, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Carmel to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. You'll have to consider the long-term cost of loans, 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can influence the cost. Lake Carmel's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also fit into your budget.
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 | $12,661 | 12.6 years |
| 8 kW | $3.01 | $16,850 | $17,211 | 12.4 years |
| 10 kW | $2.95 | $20,650 | $21,927 | 12.1 years |
| 12 kW | $2.89 | $24,284 | $26,808 | 11.9 years |
| 14 kW | $2.83 | $27,754 | $31,854 | 11.6 years |
| 16 kW | $2.77 | $31,058 | $37,066 | 11.4 years |
| 18 kW | $2.71 | $34,196 | $42,442 | 11.2 years |
| 20 kW | $2.66 | $37,170 | $47,984 | 10.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The model of solar panel you need plays a part in which company you should opt for, since different companies offer different panels.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Contract: Before signing a contract with a solar installer, be sure to read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: If you care about the longevity of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Lake Carmel, NY Solar Cost FAQs
What is the average cost of installing solar panels in Lake Carmel?
The average cost of solar panels in Lake Carmel 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 things like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lake Carmel?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 will having solar panels impact my home value?
Buying or financing solar panels for your home 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 $318,600, which means you can look forward to a value of about $13,063 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lake Carmel is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.