Solar Panel Cost Guide in Lake Erie Beach, NY (2023 Update)
- Lake Erie Beach Solar Installation Cost: $11,696
- 25-Year Savings: $6,754
- Payback Period: 18.0 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Lake Erie Beach
Find out what the average cost of a solar system is in Lake Erie Beach.
In Lake Erie Beach, solar panels cost about 2.95 per watt on average.To cover the typical energy usage of the average home in Lake Erie Beach, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,458, or $13,525 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar panels you want, your solar contractor and more.With average savings of about $13,000 on utility bills over 20 years, many homeowners in Lake Erie Beach find investing in solar can pay off big.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lake Erie Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-10,787 |
| 3 years | $-8,970 |
| 5 years | $-7,153 |
| 7 years | $-5,336 |
| 9 years | $-3,519 |
| 11 years | $-1,702 |
| 13 years | $116 |
| 15 years | $1,933 |
| 17 years | $3,750 |
| 19 years | $5,567 |
| 21 years | $7,384 |
| 23 years | $9,201 |
| 25 years | $11,018 |
Top Solar Installers in Lake Erie Beach
Installing solar panels on your own can be a difficult undertaking, which is why using a solar installation company is a good option for many homeowners. Plus, if you aren't sure what type of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Erie Beach
Factors that Affect Solar Panel Costs in Lake Erie Beach
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Lake Erie Beach: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,950. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Lake Erie Beach, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Lake Erie Beach, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.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 more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can impact the cost. Lake Erie Beach's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lake Erie Beach know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $5,299 | 18.8 years |
| 8 kW | $3.72 | $20,849 | $7,475 | 18.4 years |
| 10 kW | $3.65 | $25,550 | $9,854 | 18.0 years |
| 12 kW | $3.58 | $30,047 | $12,438 | 17.7 years |
| 14 kW | $3.50 | $34,339 | $15,227 | 17.3 years |
| 16 kW | $3.43 | $38,427 | $18,220 | 17.0 years |
| 18 kW | $3.36 | $42,311 | $21,417 | 16.6 years |
| 20 kW | $3.29 | $45,990 | $24,819 | 16.2 years |
How to Save on Solar Panels
There are numerous companies to choose from in Lake Erie Beach, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
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 Erie Beach, NY Solar Cost FAQs
How much does it cost to install solar panels in Lake Erie Beach?
The average cost of solar panels in Lake Erie Beach 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.
Should I lease or buy solar panels in Lake Erie Beach?
Leasing solar panels can be an attractive choice, as 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lake Erie Beach is currently $117,000, which means you can expect a value of about $4,797 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lake Erie Beach is a fruitful investment.
How long do solar panels last in Lake Erie Beach?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.