Solar Panel Cost Guide in Olean, NY (2024 Update)
- Olean Solar Installation Cost: $11,918
- 25-Year Savings: $7,114
- Payback Period: 17.8 Years
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Average Cost of Solar Panels in Olean
We break down average solar pricing in Olean.
The national average cost of solar panels is $2.66 per watt, but in Olean it’s 4 per watt.The average Olean homeowner needs a 4.7-kilowatt system, which would cost about $11,918 with the federal tax credit, or $17,043 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Olean homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar panels is worth paying. On average Olean homeowners see about $14,000 in savings on utility bills over 20 years.
To get a free quote from a top solar company in Olean, you can click the button below.
Solar savings over time in Olean
| Year | Return on Investment |
|---|---|
| 1 years | $-11,009 |
| 3 years | $-9,192 |
| 5 years | $-7,375 |
| 7 years | $-5,558 |
| 9 years | $-3,741 |
| 11 years | $-1,923 |
| 13 years | $-106 |
| 15 years | $1,711 |
| 17 years | $3,528 |
| 19 years | $5,345 |
| 21 years | $7,162 |
| 23 years | $8,979 |
| 25 years | $10,797 |
Top Solar Installers in Olean
Trying to put up solar panels yourself can be a stressful undertaking, which is why hiring a solar installation company is a good option for many homeowners. Local solar installers can also help you maximize your return on investment by assisting with any local incentives you can take advantage of and by providing warranties and repairs.
If you're looking for a solar installer in Olean, we've compiled a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Olean
Factors that Affect Solar Panel Costs in Olean
Although the average cost of a solar system in Olean is $11,918, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar system in Olean, 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 figure out by looking at past energy bills. Your overall cost can increase by around $3,650 for each additional kilowatt you need.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Olean homeowners choose to finance their solar panel systems to make paying for solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in Olean, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Olean have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $5,598 | 18.5 years |
| 8 kW | $3.72 | $20,849 | $7,873 | 18.1 years |
| 10 kW | $3.65 | $25,550 | $10,352 | 17.8 years |
| 12 kW | $3.58 | $30,047 | $13,035 | 17.4 years |
| 14 kW | $3.50 | $34,339 | $15,923 | 17.1 years |
| 16 kW | $3.43 | $38,427 | $19,016 | 16.7 years |
| 18 kW | $3.36 | $42,311 | $22,313 | 16.4 years |
| 20 kW | $3.29 | $45,990 | $25,814 | 16.0 years |
How to Save on Solar Panels
There are many companies available in Olean, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: If you’re concerned about the longevity of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Olean, NY Solar Cost FAQs
What is the average cost of installing solar panels in Olean?
The average cost of solar panels in Olean is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
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 $718.04 per year.
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 should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can 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.