Solar Panel Cost Guide in Lima, NY (2023 Update)
- Lima Solar Installation Cost: $9,623
- 25-Year Savings: $6,800
- Payback Period: 14.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lima
Find out what the average cost of solar panels are in Lima.
The average cost of a solar system in Lima is 2.95 per watt. Using this figure, a typical 4.7-kW system would cost about $9,623 before the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will most likely look different based on the amount of energy your home requires and what company you choose to go with. With typical savings of about $13,000 on electricity bills over 20 years, many homeowners in Lima find investing in solar can be quite rewarding.
You can click the button below to get connected with a top solar company in Lima that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lima
| Year | Return on Investment |
|---|---|
| 1 years | $-9,568 |
| 3 years | $-9,458 |
| 5 years | $-9,349 |
| 7 years | $-9,239 |
| 9 years | $-9,130 |
| 11 years | $-9,020 |
| 13 years | $-8,911 |
| 15 years | $-8,801 |
| 17 years | $-8,692 |
| 19 years | $-8,582 |
| 21 years | $-8,473 |
| 23 years | $-8,364 |
| 25 years | $-8,254 |
Top Solar Installers in Lima
Trying to install solar panels yourself can be a stressful project, which is why using a solar installer is a good option for many homeowners. Some solar companies, particularly local ones, can help you better understand incentives in Lima, therefore optimizing your ROI.
If you'd like to go solar but still aren't sure which solar panel company to go with, here are our recommendations for providers in Lima:
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 Lima
Factors that Affect Solar Panel Costs in Lima
The cost of installing a solar system in Lima can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,950. There are many different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Lima, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. Though solar loans make going solar more accessible for Lima homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can affect the cost. Lima's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lima are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $3.07 | $12,886 | $8,260 | 15.2 years |
| 8 kW | $3.01 | $16,850 | $11,344 | 14.9 years |
| 10 kW | $2.95 | $20,650 | $14,593 | 14.6 years |
| 12 kW | $2.89 | $24,284 | $18,007 | 14.4 years |
| 14 kW | $2.83 | $27,754 | $21,587 | 14.1 years |
| 16 kW | $2.77 | $31,058 | $25,332 | 13.8 years |
| 18 kW | $2.71 | $34,196 | $29,241 | 13.5 years |
| 20 kW | $2.66 | $37,170 | $33,316 | 13.2 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies will have various brands and models of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
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 Lima, NY Solar Cost FAQs
How much does it cost to install solar panels in Lima?
This is a hard question to answer precisely, because the cost depends on many 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 cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lima?
You can't get solar panels for free in Lima. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How will solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lima is currently $187,519, so you can look forward to a value of about $7,688 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lima is a rewarding investment.
How long do solar panels last in Lima?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.