Solar Panel Cost Guide in Olean, NY (2023 Update)
- Olean Solar Installation Cost: $9,623
- 25-Year Savings: $7,124
- Payback Period: 14.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Olean
Let's take a look at the average cost of solar panels in Olean.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Olean, the typical cost of a solar system is 2.95 per watt. To account for the typical energy needs of the average home in Olean, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,623, or $13,761 before the federal solar tax credit of 30% is applied.
The true cost of your system can go above or below the average in Olean based on several factors, such as the brand of solar panels you choose and the solar installer you hire. With typical savings of about $14,000 on energy bills over 20 years, many homeowners in Olean find installing solar panels can pay off big.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Olean
| Year | Return on Investment |
|---|---|
| 1 years | $-8,953 |
| 3 years | $-7,613 |
| 5 years | $-6,274 |
| 7 years | $-4,934 |
| 9 years | $-3,594 |
| 11 years | $-2,254 |
| 13 years | $-915 |
| 15 years | $425 |
| 17 years | $1,765 |
| 19 years | $3,104 |
| 21 years | $4,444 |
| 23 years | $5,784 |
| 25 years | $7,124 |
Top Solar Installers in Olean
When going solar, many homeowners prefer to hire a solar company since putting up solar panels yourself can be a time-consuming project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you're looking for a solar company in Olean, we've compiled a list of our top suggestions here:
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 Olean
Factors that Affect Solar Panel Costs in Olean
The cost of installing a solar system in Olean can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,950. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. In addition, extra products, like solar batteries, can bump up your total well above the Olean average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Olean homeowners decide to finance their solar panel systems to make paying for solar more affordable. Though solar loans make going solar more accessible for Olean homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you pick will impact your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and bulk 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 down to compete with bigger names.
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 | $8,656 | 15.0 years |
| 8 kW | $3.01 | $16,850 | $11,871 | 14.7 years |
| 10 kW | $2.95 | $20,650 | $15,252 | 14.4 years |
| 12 kW | $2.89 | $24,284 | $18,798 | 14.1 years |
| 14 kW | $2.83 | $27,754 | $22,509 | 13.8 years |
| 16 kW | $2.77 | $31,058 | $26,385 | 13.5 years |
| 18 kW | $2.71 | $34,196 | $30,427 | 13.2 years |
| 20 kW | $2.66 | $37,170 | $34,634 | 12.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar, it's necessary to keep an open line of communication with your solar installer. Confirm that you understand how the installation process works and the project timeline.
- Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
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 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 $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Olean?
A solar panel system isn't free in Olean, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. 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 many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.