Solar Panel Cost Guide in Newark Valley, NY (2023 Update)
- Newark Valley Solar Installation Cost: $9,540
- 25-Year Savings: $4,847
- Payback Period: 16.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Newark Valley
Let's have a look at the average cost of solar panels in Newark Valley.
Although the national average of solar panels is $2.66 per watt, solar panels in Newark Valley typically cost around 2.95. The average solar panel system size in Newark Valley is around 4.6 kilowatts, meaning a cost of about $9,540 for a solar installation, or $13,642 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Newark Valley homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. But, once you've paid the upfront cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $12,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar company in Newark Valley for a quote for your home.
Solar savings over time in Newark Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-8,965 |
| 3 years | $-7,814 |
| 5 years | $-6,663 |
| 7 years | $-5,512 |
| 9 years | $-4,361 |
| 11 years | $-3,210 |
| 13 years | $-2,059 |
| 15 years | $-908 |
| 17 years | $243 |
| 19 years | $1,394 |
| 21 years | $2,545 |
| 23 years | $3,696 |
| 25 years | $4,847 |
Top Solar Installers in Newark Valley
When making the switch to solar, many homeowners decide to use a solar installation company since overseeing your solar installation yourself can be a challenging project. Plus, if you'd like to maximize your investment in solar energy, going with a solar company can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives.
There are a number of 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 Newark Valley
Factors that Affect Solar Panel Costs in Newark Valley
There are a number of factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of solar panels in Newark Valley, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by around $2,950 for each additional kilowatt you need. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the Newark Valley average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular choice because they lower your upfront costs and let you pay for your system over five to seven years on average. Although solar loans make switching to solar energy more accessible for Newark Valley 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 avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Newark Valley is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for example, you'll have many options for solar installers that offer a range of services for different budgets. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that provides the products, warranties and services you want and also fits 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 | $5,793 | 17.2 years |
| 8 kW | $3.01 | $16,850 | $8,054 | 16.9 years |
| 10 kW | $2.95 | $20,650 | $10,481 | 16.6 years |
| 12 kW | $2.89 | $24,284 | $13,072 | 16.3 years |
| 14 kW | $2.83 | $27,754 | $15,829 | 15.9 years |
| 16 kW | $2.77 | $31,058 | $18,751 | 15.6 years |
| 18 kW | $2.71 | $34,196 | $21,839 | 15.3 years |
| 20 kW | $2.66 | $37,170 | $25,091 | 14.9 years |
How to Save on Solar Panels
The solar panel company you go with 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, such as:
- Warranty: If you care about the longevity of your solar energy system, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- 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 the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
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 Newark Valley, NY Solar Cost FAQs
How much does it cost to install solar panels in Newark Valley?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront 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 areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is it worth going solar in Newark Valley?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.