Solar Panel Cost Guide in Mount Hope, NY (2023 Update)
- Mount Hope Solar Installation Cost: $8,941
- 25-Year Savings: $18,158
- Payback Period: 8.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mount Hope
Here's how much it might cost to make the switch to solar in Mount Hope.
In Mount Hope, solar panels cost about 2.95 per watt on average. Since a 4.3-kW system is needed to cover the energy costs of a typical home in Mount Hope, the average price of going solar will be about $8,941 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of installing solar panels can vary quite a bit depending on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with. Many homeowners find going solar is a fruitful investment. The average homeowner in Mount Hope can save about $24,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Mount Hope for a quote for your home.
Solar savings over time in Mount Hope
| Year | Return on Investment |
|---|---|
| 1 years | $-7,857 |
| 3 years | $-5,690 |
| 5 years | $-3,522 |
| 7 years | $-1,354 |
| 9 years | $814 |
| 11 years | $2,982 |
| 13 years | $5,150 |
| 15 years | $7,318 |
| 17 years | $9,486 |
| 19 years | $11,654 |
| 21 years | $13,822 |
| 23 years | $15,990 |
| 25 years | $18,158 |
Top Solar Installers in Mount Hope
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Using a solar company can make converting to solar power much easier. Also, if you'd like to maximize your investment in solar power, opting for a solar company can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
There are various licensed solar professionals that can take care of your solar installation project. 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
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 Mount Hope
Factors that Affect Solar Panel Costs in Mount Hope
For many Mount Hope homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Mount Hope, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar equipment you choose can bring your price up or down 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, more efficient panels could save you more in the long run on your power bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Mount Hope average.
Solar Financing Terms
Most solar companies in Mount Hope have solar loans, which reduce the initial cost of installing solar panels. It's a good idea to add 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
The solar installation company you select will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower 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 | $24,684 | 8.6 years |
| 8 kW | $3.01 | $16,850 | $33,243 | 8.4 years |
| 10 kW | $2.95 | $20,650 | $41,967 | 8.2 years |
| 12 kW | $2.89 | $24,284 | $50,856 | 8.1 years |
| 14 kW | $2.83 | $27,754 | $59,910 | 7.9 years |
| 16 kW | $2.77 | $31,058 | $69,129 | 7.7 years |
| 18 kW | $2.71 | $34,196 | $78,514 | 7.6 years |
| 20 kW | $2.66 | $37,170 | $88,063 | 7.4 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- 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 positive 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
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 Mount Hope, NY Solar Cost FAQs
What is the average cost of installing solar panels in Mount Hope?
This is a difficult 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 cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Mount Hope?
Leasing solar panels can be an option if you are unable 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.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Mount Hope is currently $210,568, which means you could be looking at a value of about $8,633 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Mount Hope is a worthwhile investment.
How often do you have to replace solar panels?
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 larger amount 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.