Solar Panel Cost Guide in Malta, NY (Mar 2023)
- Malta Solar Installation Cost: $9,251
- 25-Year Savings: $6,174
- Payback Period: 15.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Malta
Let's take a look at the average cost of solar in Malta.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Malta, the average cost of a solar system is 2.95 per watt. The average solar panel system size in Malta is around 4.5 kilowatts, meaning a cost of about $9,251 for a solar installation, or $13,229 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $13,000 in savings on electricity bills over 20 years.
To receive a free quote from a top solar installer in Malta, you can click the button below.
Solar savings over time in Malta
| Year | Return on Investment |
|---|---|
| 1 years | $-8,634 |
| 3 years | $-7,400 |
| 5 years | $-6,166 |
| 7 years | $-4,932 |
| 9 years | $-3,698 |
| 11 years | $-2,464 |
| 13 years | $-1,230 |
| 15 years | $4 |
| 17 years | $1,238 |
| 19 years | $2,472 |
| 21 years | $3,706 |
| 23 years | $4,940 |
| 25 years | $6,174 |
Top Solar Installers in Malta
Installing solar panels by yourself can be a difficult project, which is why getting a solar installation company is a good option for many homeowners. Plus, if you'd like to maximize your investment in solar power, using a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
If you're on the hunt for a solar company in Malta, we've put together 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
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 Malta
Factors that Affect Solar Panel Costs in Malta
Although the average cost of a solar system in Malta is $9,251, your actual cost may be above or below the average. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,950. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Malta to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can impact how much you pay. Malta's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $7,755 | 15.6 years |
| 8 kW | $3.01 | $16,850 | $10,670 | 15.3 years |
| 10 kW | $2.95 | $20,650 | $13,751 | 15.0 years |
| 12 kW | $2.89 | $24,284 | $16,996 | 14.7 years |
| 14 kW | $2.83 | $27,754 | $20,407 | 14.4 years |
| 16 kW | $2.77 | $31,058 | $23,983 | 14.1 years |
| 18 kW | $2.71 | $34,196 | $27,725 | 13.8 years |
| 20 kW | $2.66 | $37,170 | $31,631 | 13.5 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Malta, NY Solar Cost FAQs
What is the average cost of installing solar panels in Malta?
The average cost of solar panels in Malta 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 stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
The initial cost is a very important 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 be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How will installing solar panels impact my home value?
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 Malta is currently $288,707, which means you can expect a value of about $11,837 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Malta is a fruitful investment.
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 home 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.