Solar Panel Cost Guide in Mayfield, NY (2023 Update)
- Mayfield Solar Installation Cost: $9,210
- 25-Year Savings: $6,997
- Payback Period: 14.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mayfield
Find out what the average cost of installing solar panels is in Mayfield.
The national average cost of solar panels is $2.66 per watt, but in Mayfield it's 2.95 per watt. To account for the typical energy needs of the average home in Mayfield, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs about $9,210, or $13,170 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary depending on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
You can click the button below to get connected with a pre-vetted solar installer in Mayfield for a quote for your home.
Solar savings over time in Mayfield
| Year | Return on Investment |
|---|---|
| 1 years | $-8,562 |
| 3 years | $-7,265 |
| 5 years | $-5,968 |
| 7 years | $-4,672 |
| 9 years | $-3,375 |
| 11 years | $-2,079 |
| 13 years | $-782 |
| 15 years | $514 |
| 17 years | $1,811 |
| 19 years | $3,107 |
| 21 years | $4,404 |
| 23 years | $5,701 |
| 25 years | $6,997 |
Top Solar Installers in Mayfield
Trying to install solar panels on your own can be a stressful undertaking, which is why hiring a solar installer is a good option for many homeowners. In addition, if you'd like to maximize your investment in solar power, going with a solar installer can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives and net metering programs.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Mayfield
Factors that Affect Solar Panel Costs in Mayfield
While the average cost of a solar system in Mayfield is $9,210, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,950. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. In addition, add-on products, such as solar batteries, can bring your total well above the Mayfield average.
Solar Financing Terms
Many homeowners find the average cost of solar in Mayfield to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. Though solar loans make going solar more accessible for Mayfield homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the growing popularity of clean energy solutions in Mayfield, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, 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 | $8,895 | 14.8 years |
| 8 kW | $3.01 | $16,850 | $12,191 | 14.5 years |
| 10 kW | $2.95 | $20,650 | $15,652 | 14.2 years |
| 12 kW | $2.89 | $24,284 | $19,278 | 13.9 years |
| 14 kW | $2.83 | $27,754 | $23,069 | 13.7 years |
| 16 kW | $2.77 | $31,058 | $27,025 | 13.4 years |
| 18 kW | $2.71 | $34,196 | $31,147 | 13.1 years |
| 20 kW | $2.66 | $37,170 | $35,433 | 12.8 years |
How to Save on Solar Panels
There are numerous companies to choose from in Mayfield, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The type of solar panel you'd like to install plays a part in which installer you should choose, since different companies have different panels.
- 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 like a system part breaking or if the company goes out of business.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. 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
EcoWatch's Mayfield, NY Solar Cost FAQs
How much does it cost to install solar panels in Mayfield?
This is a hard question to answer exactly, because the cost depends on a variety of 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 be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Mayfield?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can you sell solar power back to the grid in Mayfield?
The majority of states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Mayfield?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.