Solar Panel Cost Guide in Monsey, NY (Mar 2023)
- Monsey Solar Installation Cost: $8,756
- 25-Year Savings: $18,344
- Payback Period: 8.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Monsey
Find out what the average cost of solar panel installation is in Monsey.
In Monsey, solar panels cost about 2.95 per watt on average. Using this figure, a typical 4.2-kW system would cost about $8,756 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Monsey homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the significant initial cost, the average Monsey homeowner can save around $24,000 on their power bills over 20 years, which is one of the advantages of solar.
To get a free quote from a highly rated solar company in Monsey, you can click the button below.
Solar savings over time in Monsey
| Year | Return on Investment |
|---|---|
| 1 years | $-7,672 |
| 3 years | $-5,504 |
| 5 years | $-3,336 |
| 7 years | $-1,168 |
| 9 years | $1,000 |
| 11 years | $3,168 |
| 13 years | $5,336 |
| 15 years | $7,504 |
| 17 years | $9,672 |
| 19 years | $11,840 |
| 21 years | $14,008 |
| 23 years | $16,176 |
| 25 years | $18,344 |
Top Solar Installers in Monsey
Although you can install solar panels by yourself, it takes extra effort and know-how. Because of that, the majority of homeowners choose to hire a solar panel installer. Plus, if you aren't sure what kind of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to make the switch to solar but still aren't certain which solar system installer to go with, here are our suggestions for providers nearby:
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 Monsey
Factors that Affect Solar Panel Costs in Monsey
The cost of installing a solar system in Monsey can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Monsey, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by around $2,950 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. In addition, extra products, like solar batteries, can bring your total well above the Monsey average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Monsey, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your total costs, so it's crucial to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you select will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $25,446 | 8.4 years |
| 8 kW | $3.01 | $16,850 | $34,259 | 8.2 years |
| 10 kW | $2.95 | $20,650 | $43,236 | 8.1 years |
| 12 kW | $2.89 | $24,284 | $52,379 | 7.9 years |
| 14 kW | $2.83 | $27,754 | $61,687 | 7.8 years |
| 16 kW | $2.77 | $31,058 | $71,161 | 7.6 years |
| 18 kW | $2.71 | $34,196 | $80,799 | 7.4 years |
| 20 kW | $2.66 | $37,170 | $90,603 | 7.3 years |
How to Save on Solar Panels
There are a lot of 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:
- Contract: Look through the contract terms closely to make sure you understand the total cost, project completion timeline incentives and warranties.
- Installation Process: When making the switch to solar, it's essential to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the completion timeline.
- Reputation: Companies that have been in business for many years likely have a solid 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.
- Solar Panel Brands: The kind of solar panel you need plays a part in which company you should opt for, since different companies have 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
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 Monsey, NY Solar Cost FAQs
What is the average cost of installing solar panels in Monsey?
This is a difficult question to answer precisely, because the cost depends on a variety of 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Monsey?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property 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 savings from going solar.
Does Monsey have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.