Solar Panel Cost Guide in New Castle, NY (2023 Update)
- New Castle Solar Installation Cost: $8,652
- 25-Year Savings: $22,039
- Payback Period: 7.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in New Castle
Let's have a look at the average cost of solar panels in New Castle.
In New Castle, solar panels cost about 2.95 per watt on average. To cover the typical energy usage of the average home in New Castle, most homeowners require a 4.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $8,652, or $12,372 before the federal solar tax credit of 30% is applied.
How much you pay can be higher or lower than the average in New Castle depending on a few factors, such as the kind of solar panels you choose and the solar installer you hire. With typical savings of about $28,000 on power bills over 20 years, many homeowners in New Castle find going solar can pay off big.
To get a free estimate from a top solar installer in New Castle, you can click the button below.
Solar savings over time in New Castle
| Year | Return on Investment |
|---|---|
| 1 years | $-7,425 |
| 3 years | $-4,969 |
| 5 years | $-2,514 |
| 7 years | $-59 |
| 9 years | $2,396 |
| 11 years | $4,852 |
| 13 years | $7,307 |
| 15 years | $9,762 |
| 17 years | $12,218 |
| 19 years | $14,673 |
| 21 years | $17,128 |
| 23 years | $19,584 |
| 25 years | $22,039 |
Top Solar Installers in New Castle
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make converting to solar power much easier. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
There are various 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 New Castle
Factors that Affect Solar Panel Costs in New Castle
Though the average cost of a solar system in New Castle is $8,652, your final cost may be above or below the average. 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 crucial things to consider.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,950 per kilowatt in New Castle. The type of solar panels and equipment you get is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many New Castle homeowners decide to finance their solar panel systems to offset upfront costs. Even though solar loans make going solar more accessible for New Castle 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you pick will play a role in your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $31,102 | 7.3 years |
| 8 kW | $3.01 | $16,850 | $41,800 | 7.2 years |
| 10 kW | $2.95 | $20,650 | $52,663 | 7.0 years |
| 12 kW | $2.89 | $24,284 | $63,691 | 6.9 years |
| 14 kW | $2.83 | $27,754 | $74,884 | 6.8 years |
| 16 kW | $2.77 | $31,058 | $86,243 | 6.6 years |
| 18 kW | $2.71 | $34,196 | $97,766 | 6.5 years |
| 20 kW | $2.66 | $37,170 | $109,455 | 6.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Long-running companies likely have a good 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 support, such as part repairs and replacements.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
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 New Castle, NY Solar Cost FAQs
What is the average cost of installing solar panels in New Castle?
The average cost of solar panels in New Castle is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase your home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in New Castle?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using 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.