Solar Panel Cost Guide in Lloyd, NY (Mar 2023)
- Lloyd Solar Installation Cost: $9,003
- 25-Year Savings: $12,997
- Payback Period: 10.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lloyd
Let's take a look at the average cost of solar panels in Lloyd.
Although the national average of solar panels is $2.66 per watt, solar panels in Lloyd generally cost about 2.95. Because a 4.4-kW system is needed to cover the energy usage of a typical home in Lloyd, the average price of going solar will be about $9,003 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Lloyd 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 panels is worth paying. On average you could be looking at about $19,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Lloyd for a quote for your home.
Solar savings over time in Lloyd
| Year | Return on Investment |
|---|---|
| 1 years | $-8,123 |
| 3 years | $-6,363 |
| 5 years | $-4,603 |
| 7 years | $-2,843 |
| 9 years | $-1,083 |
| 11 years | $677 |
| 13 years | $2,437 |
| 15 years | $4,197 |
| 17 years | $5,957 |
| 19 years | $7,717 |
| 21 years | $9,477 |
| 23 years | $11,237 |
| 25 years | $12,997 |
Top Solar Installers in Lloyd
Trying to install solar panels by yourself can be a dangerous project, which is why hiring a solar installation company is a good option for many homeowners. The expertise that solar installers provide can be helpful as well, especially if you aren't sure what brand of solar equipment would be right for your home.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lloyd
Factors that Affect Solar Panel Costs in Lloyd
The cost of installing a solar system in Lloyd can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Lloyd, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your overall costs, so it's crucial to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can play a role in determining the cost. Lloyd's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of 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 names.
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 | $17,396 | 10.6 years |
| 8 kW | $3.01 | $16,850 | $23,526 | 10.4 years |
| 10 kW | $2.95 | $20,650 | $29,820 | 10.2 years |
| 12 kW | $2.89 | $24,284 | $36,280 | 10.0 years |
| 14 kW | $2.83 | $27,754 | $42,905 | 9.8 years |
| 16 kW | $2.77 | $31,058 | $49,695 | 9.6 years |
| 18 kW | $2.71 | $34,196 | $56,650 | 9.4 years |
| 20 kW | $2.66 | $37,170 | $63,770 | 9.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully 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 if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lloyd, NY Solar Cost FAQs
How much does it cost to install solar panels in Lloyd?
The average cost of solar panels in Lloyd is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
The upfront cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How much can I save on energy bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Lloyd, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.