Solar Panel Cost Guide in Newfane, NY (2023 Update)
- Newfane Solar Installation Cost: $8,590
- 25-Year Savings: $7,382
- Payback Period: 13.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Newfane
Find out what the average cost of solar panels are in Newfane.
Although the national average of solar panels is $2.66 per watt, solar panels in Newfane generally cost around 2.95. Using this figure, a typical 4.2-kW system would cost about $8,590 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar system you want, your solar contractor and more. But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $15,000 over 20 years on utility bills.
For a personalized quote from a local solar installer 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 | $-7,952 |
| 3 years | $-6,674 |
| 5 years | $-5,396 |
| 7 years | $-4,118 |
| 9 years | $-2,840 |
| 11 years | $-1,562 |
| 13 years | $-285 |
| 15 years | $993 |
| 17 years | $2,271 |
| 19 years | $3,549 |
| 21 years | $4,826 |
| 23 years | $6,104 |
| 25 years | $7,382 |
Top Solar Installers in Newfane
Many homeowners opt for a solar installation company since trying to put up solar panels yourself can be time-consuming. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be best for your home.
There are several 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 Newfane
Factors that Affect Solar Panel Costs in Newfane
While the average cost of a solar system in Newfane is $8,590, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The type of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment is more than just the solar panels themselves. You'll also need to consider 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's in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Newfane, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. Though solar loans make adopting solar energy more accessible for Newfane homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you choose to install your solar system can affect your pricing. Newfane's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.07 | $12,886 | $10,154 | 14.0 years |
| 8 kW | $3.01 | $16,850 | $13,870 | 13.7 years |
| 10 kW | $2.95 | $20,650 | $17,750 | 13.4 years |
| 12 kW | $2.89 | $24,284 | $21,796 | 13.2 years |
| 14 kW | $2.83 | $27,754 | $26,007 | 12.9 years |
| 16 kW | $2.77 | $31,058 | $30,383 | 12.6 years |
| 18 kW | $2.71 | $34,196 | $34,924 | 12.4 years |
| 20 kW | $2.66 | $37,170 | $39,630 | 12.1 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar company, make sure you look it over completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: The kind of solar panel you'd like plays a part in which installer you should opt for, since different companies have different panels.
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 Newfane, NY Solar Cost FAQs
What is the average cost of installing solar panels in Newfane?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally 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 cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels completely eradicate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Newfane, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Even 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 how much energy they produce will have decreased significantly after that point. You can decide to replace them after having 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.