Solar Panel Cost Guide in Murray, NY (2023 Update)
- Murray Solar Installation Cost: $8,508
- 25-Year Savings: $7,915
- Payback Period: 13.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Murray
Let's take a look at the average cost of solar in Murray.
The average cost of a solar system in Murray is 2.95 per watt. Since a 4.1-kW system is needed to cover the energy consumption of a typical home in Murray, the average price of going solar will be about $8,508 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what installation company you go with. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Murray can save about $15,000 on their energy bills over 20 years.
Click the button below to get connected to a top solar company in Murray for a custom quote.
Solar savings over time in Murray
| Year | Return on Investment |
|---|---|
| 1 years | $-7,851 |
| 3 years | $-6,537 |
| 5 years | $-5,223 |
| 7 years | $-3,909 |
| 9 years | $-2,596 |
| 11 years | $-1,282 |
| 13 years | $32 |
| 15 years | $1,346 |
| 17 years | $2,660 |
| 19 years | $3,973 |
| 21 years | $5,287 |
| 23 years | $6,601 |
| 25 years | $7,915 |
Top Solar Installers in Murray
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels yourself can be challenging. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Murray
Factors that Affect Solar Panel Costs in Murray
Even though the average cost of a solar system in Murray is $8,508, your final cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,950. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Murray, where sunlight is relatively 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 Murray offer solar loans, which reduce the initial cost of installing solar panels. It's wise to factor 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Murray, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Murray have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $11,004 | 13.5 years |
| 8 kW | $3.01 | $16,850 | $15,003 | 13.2 years |
| 10 kW | $2.95 | $20,650 | $19,166 | 13.0 years |
| 12 kW | $2.89 | $24,284 | $23,495 | 12.7 years |
| 14 kW | $2.83 | $27,754 | $27,989 | 12.4 years |
| 16 kW | $2.77 | $31,058 | $32,649 | 12.2 years |
| 18 kW | $2.71 | $34,196 | $37,473 | 11.9 years |
| 20 kW | $2.66 | $37,170 | $42,463 | 11.7 years |
How to Save on Solar Panels
The solar company you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, including:
- Solar Panel Brands: The type of solar panel you'd like to get plays a role in which company you should go with, since different companies have different panels.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project timeline incentives and warranties.
- Warranty: Many companies offer different kinds of warranties that cover different things. 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 Murray, NY Solar Cost FAQs
What is the average cost of installing solar panels in Murray?
The average cost of solar panels in Murray is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Murray?
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 can't take advantage of 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.
Does Murray have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future electricity bills.
How long do solar panels last in Murray?
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 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.