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.Because a 4.3-kW system is needed to cover the energy costs of a typical home in Lake Carmel, the average price of going solar will be about $11,042 after claiming the federal solar tax credit of 0.
These figures are only averages, and your own solar costs will vary based on the amount of energy your home requires and what company you go with.Even with the high initial cost, the average Lake Carmel homeowner can save about $16,000 on their power bills over 20 years, which is one of the benefits of solar.
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 | $-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
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be hard. Solar warranties and repairs are ordinarily included in the cost of installation when you sign a contract with a solar company as well, which can save you more money after your upfront investment.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best National Provider
SunPower
- 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
- 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
While the average cost of a solar system in Lake Carmel is $11,042, your final cost may differ. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the cost of solar panels in Lake Carmel, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by about $3,650 for each additional kilowatt you need.The type of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider 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 solar panels out of pocket is difficult, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your overall costs, so it’s vital to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can influence your pricing. Lake Carmel’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater 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 | $3.80 | $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 solar installer you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: When looking through your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
Best National Provider
SunPower
- 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
- 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 tough question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lake Carmel?
Solar panels aren’t free in Lake Carmel, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase your property value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of 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 install 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.