Solar Panel Cost Guide in New Hempstead, NY (2023 Update)
- New Hempstead Solar Installation Cost: $10,838
- 25-Year Savings: $18,340
- Payback Period: 10.0 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in New Hempstead
Let's have a look at the average cost of solar in New Hempstead.
Although the national average of solar panels is $2.66 per watt, solar panels in New Hempstead generally cost about 2.95.Since a 4.2-kW system is needed to cover the energy usage of a typical home in New Hempstead, the average price of going solar will be about $8,756 after claiming the federal solar tax credit of 30%.
These figures are only averages, and how much solar costs for you will vary based on your energy needs and what company you choose to go with.For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $24,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in New Hempstead
| Year | Return on Investment |
|---|---|
| 1 years | $-9,497 |
| 3 years | $-6,815 |
| 5 years | $-4,133 |
| 7 years | $-1,452 |
| 9 years | $1,230 |
| 11 years | $3,912 |
| 13 years | $6,594 |
| 15 years | $9,275 |
| 17 years | $11,957 |
| 19 years | $14,639 |
| 21 years | $17,320 |
| 23 years | $20,002 |
| 25 years | $22,684 |
Top Solar Installers in New Hempstead
When going solar, many homeowners prefer to hire a solar installation company since handling can be a time-consuming project. A solar company can also help save you money over time by providing warranties, repairs and part replacements.
Working with a vetted solar installer can help you make the most of your investment in solar. 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 New Hempstead
Factors that Affect Solar Panel Costs in New Hempstead
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in New Hempstead: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,950. There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many New Hempstead homeowners opt to finance their solar panel systems to make paying for solar more affordable.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 how long it'll take to pay back the loan.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in New Hempstead, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in New Hempstead know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $3.80 | $15,943 | $22,389 | 10.4 years |
| 8 kW | $3.72 | $20,849 | $30,260 | 10.2 years |
| 10 kW | $3.65 | $25,550 | $38,336 | 10.0 years |
| 12 kW | $3.58 | $30,047 | $46,617 | 9.8 years |
| 14 kW | $3.50 | $34,339 | $55,102 | 9.6 years |
| 16 kW | $3.43 | $38,427 | $63,791 | 9.4 years |
| 18 kW | $3.36 | $42,311 | $72,685 | 9.2 years |
| 20 kW | $3.29 | $45,990 | $81,783 | 9.0 years |
How to Save on Solar Panels
There are many companies available in New Hempstead, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
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 Hempstead, NY Solar Cost FAQs
What is the average cost of installing solar panels in New Hempstead?
The average cost of solar panels in New Hempstead 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 model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in New Hempstead?
Solar panels aren't free in New Hempstead, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having 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.