Solar Panel Cost Guide in Lake Success, NY (2023 Update)
- Lake Success Solar Installation Cost: $7,947
- 25-Year Savings: $14,424
- Payback Period: 8.9 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lake Success
Find out what the average cost of solar panels are in Lake Success.
In Lake Success, solar panels cost about 2.95 per watt on average. Using this figure, a typical 3.9-kW system would cost about $7,950 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Lake Success homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $22,000 in savings on energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lake Success
| Year | Return on Investment |
|---|---|
| 1 years | $-7,872 |
| 3 years | $-7,723 |
| 5 years | $-7,574 |
| 7 years | $-7,425 |
| 9 years | $-7,276 |
| 11 years | $-7,127 |
| 13 years | $-6,977 |
| 15 years | $-6,828 |
| 17 years | $-6,679 |
| 19 years | $-6,530 |
| 21 years | $-6,381 |
| 23 years | $-6,232 |
| 25 years | $-6,083 |
Top Solar Installers in Lake Success
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be hard. A solar installer can also help save you money over time by offering warranties, repairs and part replacements.
There are several 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 Success
Factors that Affect Solar Panel Costs in Lake Success
For many Lake Success homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Lake Success, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Lake Success, one of the most crucial 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 figure out by looking at past energy bills. Your overall cost can increase by about $2,950 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Success to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in a higher cost over time due to interest. However, the interest on solar loans also adds to your all-in costs, so it's vital to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Lake Success, you'll have many options to choose from, but each comes at different price points for labor and equipment. The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $21,993 | 9.2 years |
| 8 kW | $3.01 | $16,850 | $29,654 | 9.1 years |
| 10 kW | $2.95 | $20,650 | $37,480 | 8.9 years |
| 12 kW | $2.89 | $24,284 | $45,472 | 8.7 years |
| 14 kW | $2.83 | $27,754 | $53,629 | 8.5 years |
| 16 kW | $2.77 | $31,058 | $61,951 | 8.3 years |
| 18 kW | $2.71 | $34,196 | $70,438 | 8.2 years |
| 20 kW | $2.66 | $37,170 | $79,091 | 8.0 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Lake Success, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The model of solar panel you'd like to get plays a part in which company you should go with, since different companies have access to different panels.
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: When going solar, it's essential to maintain an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the project completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
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 Success, NY Solar Cost FAQs
What is the average cost of installing solar panels in Lake Success?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Lake Success?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 option if you want to maximize your savings.
Do solar panels increase your property value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for 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."
How long do solar panels last in Lake Success?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.