Solar Panel Cost Guide in Lido Beach, NY (2023 Update)
- Lido Beach Solar Installation Cost: $7,947
- 25-Year Savings: $14,424
- Payback Period: 8.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lido Beach
Find out what the average cost of solar panel installation is in Lido Beach.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lido Beach, the average cost of a solar system is 2.95 per watt. The average Lido Beach homeowner needs a 3.9-kilowatt system, which would cost about $7,950 with the federal tax credit, or $11,368 before the 30% tax credit is applied.
These figures are only estimates, and your own solar costs will vary based on your energy needs and what company you go with. For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $22,000 in savings on utility bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lido Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-6,422 |
| 3 years | $-3,371 |
| 5 years | $-320 |
| 7 years | $2,731 |
| 9 years | $5,781 |
| 11 years | $8,832 |
| 13 years | $11,883 |
| 15 years | $14,933 |
| 17 years | $17,984 |
| 19 years | $21,035 |
| 21 years | $24,085 |
| 23 years | $27,136 |
| 25 years | $30,187 |
Top Solar Installers in Lido Beach
Although it's possible to install solar panels on your own, it involves extra energy and handiness. That's one of the reasons most homeowners choose to go with a solar panel installer. Plus, if you aren't sure what brand of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
If you're looking for a solar company in Lido Beach, we've organized a list of our top suggestions here:
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 Lido Beach
Factors that Affect Solar Panel Costs in Lido Beach
The cost of installing a solar system in Lido Beach can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,950. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Lido Beach average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lido Beach to be too costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in a higher cost over time due to interest. While solar loans make going solar more accessible for Lido Beach homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you choose to install your solar panels can play a part in determining how much you pay. Lido Beach's solar companies all have different labor costs and add varying upcharges to equipment. The company's size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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
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 can get. When choosing a solar company, there are some important things you should take into account, such as:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and how long the project will take.
- Contract: Before you sign a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. 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 be sure to take a look at their list of offerings 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 Lido Beach, NY Solar Cost FAQs
How much does it cost to install solar panels in Lido Beach?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Lido Beach?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your home remarkably 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."
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 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 buy between 20 and 35 panels to cover 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.