Solar Panel Cost Guide in Newstead, NY (2023 Update)
- Newstead Solar Installation Cost: $9,453
- 25-Year Savings: $6,051
- Payback Period: 15.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Newstead
We break down average solar pricing in Newstead.
In Newstead, solar panels cost about 2.95 per watt on average. To account for the typical energy usage of the average home in Newstead, most homeowners require a 4.6-kilowatt system. Using the figure above, a solar installation costs around $9,458, or $13,525 before the federal solar tax credit of 30% is applied.
How much you pay can be higher or lower than the average in Newstead based on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire. Despite the high upfront cost, the average Newstead homeowner can save around $13,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To get a free estimate from a top solar company in Newstead, you can click the button below.
Solar savings over time in Newstead
| Year | Return on Investment |
|---|---|
| 1 years | $-9,401 |
| 3 years | $-9,298 |
| 5 years | $-9,194 |
| 7 years | $-9,091 |
| 9 years | $-8,988 |
| 11 years | $-8,884 |
| 13 years | $-8,781 |
| 15 years | $-8,678 |
| 17 years | $-8,574 |
| 19 years | $-8,471 |
| 21 years | $-8,368 |
| 23 years | $-8,264 |
| 25 years | $-8,161 |
Top Solar Installers in Newstead
Installing solar panels on your own can be a challenging project, which is why hiring a solar installer is a good option for many homeowners. The expertise that solar installers provide can be invaluable as well, especially if you aren't sure what brand of solar equipment you need.
If you'd like to make the switch to solar but still aren't sure which solar panel company to go with, here are our recommendations for providers nearby:
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 Newstead
Factors that Affect Solar Panel Costs in Newstead
The cost of installing a solar system in Newstead can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in Newstead, one of the most crucial 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 gauge by looking at past power bills. Your total cost can increase by about $2,950 for each additional kilowatt you need. There are many different solar panel brands and the one you choose also affects the cost. In general, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far 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 your upfront costs of installing solar panels. However, the interest on solar loans also increases your overall costs, so it's important to consider that as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Newstead, and each can charge varying amounts for labor and equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $7,435 | 15.9 years |
| 8 kW | $3.01 | $16,850 | $10,244 | 15.5 years |
| 10 kW | $2.95 | $20,650 | $13,218 | 15.2 years |
| 12 kW | $2.89 | $24,284 | $16,357 | 14.9 years |
| 14 kW | $2.83 | $27,754 | $19,661 | 14.6 years |
| 16 kW | $2.77 | $31,058 | $23,130 | 14.3 years |
| 18 kW | $2.71 | $34,196 | $26,765 | 14.0 years |
| 20 kW | $2.66 | $37,170 | $30,565 | 13.7 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: When making the switch to solar energy, it's important to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the completion timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
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 Newstead, NY Solar Cost FAQs
How much does it cost to install solar panels in Newstead?
This is a difficult question to answer exactly, because the cost depends on a few different 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Newstead?
A solar panel system isn't free in Newstead, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Newstead is currently $227,457, which means you can look forward to a value of about $9,326 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Newstead is a fruitful investment.
How often do you have to replace solar panels?
Although 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 their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.