Solar Panel Cost Guide in Newfane, NY (2024 Update)
- Newfane Solar Installation Cost: $10,627
- 25-Year Savings: $7,383
- Payback Period: 16.6 Years
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Average Cost of Solar Panels in Newfane
Find out what the average cost of installing solar panels is in Newfane.
While the national average of solar panels is $2.66 per watt, solar panels in Newfane generally cost about 4.Because a 4.2-kW system is needed to cover the energy needs of a typical home in Newfane, the average price of going solar will be about $10,627 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Newfane homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For most homeowners, the upfront cost of solar panels is worth paying. On average Newfane homeowners see about $15,000 in savings on utility bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Newfane
| Year | Return on Investment |
|---|---|
| 1 years | $-9,735 |
| 3 years | $-7,951 |
| 5 years | $-6,167 |
| 7 years | $-4,383 |
| 9 years | $-2,599 |
| 11 years | $-815 |
| 13 years | $969 |
| 15 years | $2,753 |
| 17 years | $4,537 |
| 19 years | $6,321 |
| 21 years | $8,105 |
| 23 years | $9,890 |
| 25 years | $11,674 |
Top Solar Installers in Newfane
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Taking advantage of an installer can make converting to solar power much easier. Another great thing about choosing a top solar installer is that it'll provide warranties and free repairs, which help protect your solar investment.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Newfane
Factors that Affect Solar Panel Costs in Newfane
While the average cost of a solar system in Newfane is $10,627, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation 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 $3,650.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Newfane to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installer you choose will influence your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $7,097 | 17.3 years |
| 8 kW | $3.72 | $20,849 | $9,871 | 17.0 years |
| 10 kW | $3.65 | $25,550 | $12,850 | 16.6 years |
| 12 kW | $3.58 | $30,047 | $16,033 | 16.3 years |
| 14 kW | $3.50 | $34,339 | $19,421 | 16.0 years |
| 16 kW | $3.43 | $38,427 | $23,013 | 15.6 years |
| 18 kW | $3.36 | $42,311 | $26,809 | 15.3 years |
| 20 kW | $3.29 | $45,990 | $30,810 | 15.0 years |
How to Save on Solar Panels
There are many companies to choose from in Newfane, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Different companies have different brands and types of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Newfane, NY Solar Cost FAQs
How much does it cost to install solar panels in Newfane?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Newfane?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels completely eradicate my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Newfane, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Newfane?
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 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.