Solar Panel Cost Guide in Newstead, NY (2024 Update)
- Newstead Solar Installation Cost: $11,696
- 25-Year Savings: $6,051
- Payback Period: 18.9 Years
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Average Cost of Solar Panels in Newstead
We break down average solar pricing in Newstead.
The average cost of a solar panel system in Newstead is 4 per watt.Using this figure, a typical 4.6-kW system would cost about $11,696 before the 0 federal solar tax credit is applied.
How much you pay can go above or below the average in Newstead based on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.But, once you've paid the upfront cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $13,000 over 20 years on power bills.
Click the button below to get connected to a vetted solar installer in Newstead for a custom quote.
Solar savings over time in Newstead
| Year | Return on Investment |
|---|---|
| 1 years | $-10,870 |
| 3 years | $-9,218 |
| 5 years | $-7,566 |
| 7 years | $-5,914 |
| 9 years | $-4,263 |
| 11 years | $-2,611 |
| 13 years | $-959 |
| 15 years | $693 |
| 17 years | $2,345 |
| 19 years | $3,997 |
| 21 years | $5,648 |
| 23 years | $7,300 |
| 25 years | $8,952 |
Top Solar Installers in Newstead
Many homeowners opt for a solar installer since trying to put up solar panels on your own can be time-consuming. A solar company can also help save you money in the long run by providing warranties, repairs and part replacements.
Working with a vetted solar installer can help your solar project go smoothly. 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Newstead
Factors that Affect Solar Panel Costs in Newstead
Although the average cost of a solar system in Newstead is $11,696, your actual cost may differ. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Newstead, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by around $3,650 for each additional kilowatt you need.There are many different solar panel brands and the one you pick also affects the cost. Usually, 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 just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Newstead have solar loans, which reduce the initial cost of installing solar panels.It’s a good idea to include 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 the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Newstead is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for example, you’ll have many options for solar installers that provide a range of services for different budgets.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and decide on the company that has the products, warranties and services you want 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 | $3.80 | $15,943 | $4,377 | 19.6 years |
| 8 kW | $3.72 | $20,849 | $6,245 | 19.2 years |
| 10 kW | $3.65 | $25,550 | $8,318 | 18.9 years |
| 12 kW | $3.58 | $30,047 | $10,594 | 18.5 years |
| 14 kW | $3.50 | $34,339 | $13,075 | 18.1 years |
| 16 kW | $3.43 | $38,427 | $15,761 | 17.7 years |
| 18 kW | $3.36 | $42,311 | $18,651 | 17.4 years |
| 20 kW | $3.29 | $45,990 | $21,745 | 17.0 years |
How to Save on Solar Panels
The solar panel company you opt for will influence not only your total costs, but also the types 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:
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before you sign a contract with a solar company, be sure to read it through carefully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
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
EcoWatch's Newstead, NY Solar Cost FAQs
What is the average cost of installing solar panels in Newstead?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally 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 cost more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Newstead?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback 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 maximize your savings.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $677.35 per year.
How long do solar panels last in Newstead?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.