Solar Panel Cost Guide in Malverne, NY (2023 Update)
- Malverne 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 Malverne
Find out what the average cost of solar panel installation is in Malverne.
The average cost of a solar panel system in Malverne is 2.95 per watt. The average solar panel system size in Malverne is around 3.9 kilowatts, meaning a cost of about $7,950 for a solar installation, or $11,368 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of equipment you choose, your solar contractor and more. For many homeowners, the upfront investment in solar power is worth paying. On average Malverne homeowners see about $22,000 in savings on energy bills over 20 years.
Click the button below to get connected to a reputable solar installer in your area for a custom estimate.
Solar savings over time in Malverne
| Year | Return on Investment |
|---|---|
| 1 years | $-7,872 |
| 3 years | $-7,723 |
| 5 years | $-7,574 |
| 7 years | $-7,425 |
| 9 years | $-7,276 |
| 11 years | $-7,127 |
| 13 years | $-6,977 |
| 15 years | $-6,828 |
| 17 years | $-6,679 |
| 19 years | $-6,530 |
| 21 years | $-6,381 |
| 23 years | $-6,232 |
| 25 years | $-6,083 |
Top Solar Installers in Malverne
Many homeowners choose to use a solar installer since trying to install solar panels on your own can be time-consuming. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're searching for a solar installer in Malverne, the EcoWatch team has compiled 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 Malverne
Factors that Affect Solar Panel Costs in Malverne
Although the average cost of a solar system in Malverne is $7,950, your actual cost may be above or below the average. There are many 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 keep in mind.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,950 per kilowatt in Malverne. The brand and kind of equipment you want for your solar system can increase or decrease 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in Malverne, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Malverne, you'll have many options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The brand of solar panel you'd like plays a role in which company you should opt for, since different companies provide different panels.
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 Malverne, NY Solar Cost FAQs
How much does it cost to install solar panels in Malverne?
This is a difficult question to answer precisely, because the cost depends on a few different 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 additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my property 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 Malverne is currently $464,700, which means you could be looking at a value of about $19,053 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Malverne is a fruitful investment.
How long do solar panels last in Malverne?
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.