Solar Panel Cost Guide in Lake Mohegan, NY (2023 Update)
- Lake Mohegan Solar Installation Cost: $10,696
- 25-Year Savings: $15,425
- Payback Period: 11.1 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Lake Mohegan
Here’s how much it might cost to make the switch to solar in Lake Mohegan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Mohegan, the average cost of a solar system is 4 per watt.The average solar panel system size in Lake Mohegan is around 4.2 kilowatts, meaning a cost of about $10,696 for a solar installation, or $15,295 before the 0 federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will differ based on your specific situation and what company you want to go with.Even with the significant upfront cost, the average Lake Mohegan homeowner can save about $22,000 on their electricity bills over 20 years, which is one of the positives of solar.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lake Mohegan
| Year | Return on Investment |
|---|---|
| 1 years | $-8,816 |
| 3 years | $-5,057 |
| 5 years | $-1,298 |
| 7 years | $2,462 |
| 9 years | $6,221 |
| 11 years | $9,981 |
| 13 years | $13,740 |
| 15 years | $17,499 |
| 17 years | $21,259 |
| 19 years | $25,018 |
| 21 years | $28,777 |
| 23 years | $32,537 |
| 25 years | $36,296 |
Top Solar Installers in Lake Mohegan
Installing solar panels yourself can be a stressful task, which is why hiring a solar installation company is a good option for many homeowners. Since solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 Mohegan
Factors that Affect Solar Panel Costs in Lake Mohegan
For many Lake Mohegan homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Lake Mohegan, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The kind of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment is 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 researching a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Mohegan to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost 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 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
The solar company you hire to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies in Lake Mohegan, and each can charge different amounts for labor and equipment.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $18,554 | 11.6 years |
| 8 kW | $3.72 | $20,849 | $25,148 | 11.3 years |
| 10 kW | $3.65 | $25,550 | $31,946 | 11.1 years |
| 12 kW | $3.58 | $30,047 | $38,949 | 10.9 years |
| 14 kW | $3.50 | $34,339 | $46,155 | 10.7 years |
| 16 kW | $3.43 | $38,427 | $53,567 | 10.4 years |
| 18 kW | $3.36 | $42,311 | $61,182 | 10.2 years |
| 20 kW | $3.29 | $45,990 | $69,002 | 10.0 years |
How to Save on Solar Panels
There are numerous companies to choose from in Lake Mohegan, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Installation Process: Make sure you’re on the same page with the company regarding 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.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
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 Mohegan, NY Solar Cost FAQs
What is the average cost of installing solar panels in Lake Mohegan?
This is a difficult question to answer precisely, 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 higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lake Mohegan?
A solar panel system isn’t free in Lake Mohegan, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels eliminate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Lake Mohegan, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and how much 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 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.