Solar Panel Cost Guide in Murray, NY (Feb 2023)
- Murray Solar Installation Cost: $8,508
- 25-Year Savings: $7,915
- Payback Period: 13.0 Years
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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:
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.
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.
EcoWatch's Murray, NY Solar Cost FAQs
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.