Solar Panel Cost Guide in New Hyde Park, NY (2023 Update)
- New Hyde Park Solar Installation Cost: $7,950
- 25-Year Savings: $18,077
- Payback Period: 7.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in New Hyde Park
Let's take a look at the average cost of solar panels in New Hyde Park.
The national average cost of solar panels is $2.66 per watt, but in New Hyde Park it's 2.95 per watt. Using this figure, a typical 3.9-kW system would cost about $7,950 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of solar panels you want to get, your solar contractor and more. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in New Hyde Park see about $26,000 in savings on utility bills over 20 years.
Click the button below to get connected to a highly rated solar company in New Hyde Park for a personalized estimate.
Solar savings over time in New Hyde Park
| Year | Return on Investment |
|---|---|
| 1 years | $-6,909 |
| 3 years | $-4,827 |
| 5 years | $-2,745 |
| 7 years | $-663 |
| 9 years | $1,420 |
| 11 years | $3,502 |
| 13 years | $5,584 |
| 15 years | $7,666 |
| 17 years | $9,748 |
| 19 years | $11,830 |
| 21 years | $13,913 |
| 23 years | $15,995 |
| 25 years | $18,077 |
Top Solar Installers in New Hyde Park
Trying to put up solar panels on your own can be a difficult undertaking, which is why using a solar installation company is a good option for many homeowners. The expertise that solar companies offer can be helpful as well, particularly if you aren't sure what type of solar equipment you need.
If you're on the hunt for a solar company in New Hyde Park, the EcoWatch team has put together a list of our top suggestions here:
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 Hyde Park
Factors that Affect Solar Panel Costs in New Hyde Park
For many New Hyde Park homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in New Hyde Park, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar system in New Hyde Park, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,950 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like New Hyde Park, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a solid route because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Even though solar loans make switching to solar energy more accessible for New Hyde Park 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 put down 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 choose will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that has the products, warranties and services you're looking for and also is within your budget.
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 | $27,693 | 7.9 years |
| 8 kW | $3.01 | $16,850 | $37,255 | 7.8 years |
| 10 kW | $2.95 | $20,650 | $46,981 | 7.6 years |
| 12 kW | $2.89 | $24,284 | $56,873 | 7.5 years |
| 14 kW | $2.83 | $27,754 | $66,930 | 7.3 years |
| 16 kW | $2.77 | $31,058 | $77,152 | 7.2 years |
| 18 kW | $2.71 | $34,196 | $87,540 | 7.0 years |
| 20 kW | $2.66 | $37,170 | $98,092 | 6.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- 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.
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Hyde Park, NY Solar Cost FAQs
What is the average cost of installing solar panels in New Hyde Park?
The average cost of solar panels in New Hyde Park 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 type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in New Hyde Park?
Leasing solar panels can be an option if you can't 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 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 bang for your buck from going solar.
Is switching to solar power worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in New Hyde Park?
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 how much energy they produce will have decreased significantly after that point. You can opt 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.