Solar Panel Cost Guide in Lake Carmel, NY (Dec 2022)

  • Lake Carmel Solar Installation Cost: $8,921
  • 25-Year Savings: $9,479
  • Payback Period: 12.1 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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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 $3 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 $6,602 after 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 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

Tesla Energy

★★★★★
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 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 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

Tesla Energy

★★★★★
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 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 attractive choice, because it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.

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.

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