Solar Panel Cost Guide in Malta, NY (2023 Update)
- Malta Solar Installation Cost: $9,259
- 25-Year Savings: $6,166
- Payback Period: 15.0 Years
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Updated September 15, 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.
The average cost of a solar panel system in Malta 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.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary depending on a few factors, such as how many panels you need, your energy usage and what company you go with. With average savings of about $13,000 on electricity bills over 20 years, many homeowners in Malta find investing in solar has a decent ROI.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Malta
| Year | Return on Investment |
|---|---|
| 1 years | $-8,434 |
| 3 years | $-6,782 |
| 5 years | $-5,130 |
| 7 years | $-3,478 |
| 9 years | $-1,826 |
| 11 years | $-174 |
| 13 years | $1,477 |
| 15 years | $3,129 |
| 17 years | $4,781 |
| 19 years | $6,433 |
| 21 years | $8,085 |
| 23 years | $9,737 |
| 25 years | $11,389 |
Top Solar Installers in Malta
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make switching to solar power much easier. Local solar companies can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
If you'd like to make the switch to solar but still aren't sure which solar system company to go with, here are our recommendations for providers in Malta:
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 Malta
Factors that Affect Solar Panel Costs in Malta
Though the average cost of a solar system in Malta is $9,251, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar 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, you can expect your total to increase by nearly $2,950. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Malta, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, 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
Most solar companies in Malta have solar loans, which reduce your upfront costs of installing a solar system. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can affect how much it costs. Malta's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the installation costs. 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 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 | $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
There are a large number of companies to choose from in Malta, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: The brand of solar panel you need to get plays a part in which installer you should go with, since different companies have different panels.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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 Malta, NY Solar Cost FAQs
What is the average cost of installing solar panels in Malta?
This is a hard question to answer precisely, because the cost depends on a few different 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 additional solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar worth it?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.