Solar Panel Cost Guide in Olive, NY (2023 Update)
- Olive Solar Installation Cost: $9,003
- 25-Year Savings: $10,597
- Payback Period: 11.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Olive
We go over average solar pricing in Olive.
The average cost of solar panels in Olive is 2.95 per watt. Using this figure, a typical 4.4-kW system would cost about $9,003 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will differ based on your energy needs and what company you go with. Despite the high initial cost, the average Olive homeowner can save about $17,000 on their energy bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a pre-vetted solar company in Olive that can help you get a more accurate cost estimate for your home.
Solar savings over time in Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-8,219 |
| 3 years | $-6,651 |
| 5 years | $-5,083 |
| 7 years | $-3,515 |
| 9 years | $-1,947 |
| 11 years | $-379 |
| 13 years | $1,189 |
| 15 years | $2,757 |
| 17 years | $4,325 |
| 19 years | $5,893 |
| 21 years | $7,461 |
| 23 years | $9,029 |
| 25 years | $10,597 |
Top Solar Installers in Olive
When switching to solar energy, many homeowners choose to use a solar installation company since putting up a solar system yourself can be a challenging project. Plus, if you'd like to maximize your investment in solar energy, going with a solar installer can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives.
Working with a licensed solar company can make going solar easier. 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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Olive
Factors that Affect Solar Panel Costs in Olive
For many Olive homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Olive, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,950 per kilowatt in Olive. The type 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. However, more efficient panels could save you more over time on your electric bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Olive average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid option because they lower your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also adds to your total costs, so it's crucial to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can impact how much it costs. Olive's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $14,093 | 11.9 years |
| 8 kW | $3.01 | $16,850 | $19,121 | 11.7 years |
| 10 kW | $2.95 | $20,650 | $24,314 | 11.5 years |
| 12 kW | $2.89 | $24,284 | $29,672 | 11.3 years |
| 14 kW | $2.83 | $27,754 | $35,196 | 11.0 years |
| 16 kW | $2.77 | $31,058 | $40,885 | 10.8 years |
| 18 kW | $2.71 | $34,196 | $46,739 | 10.6 years |
| 20 kW | $2.66 | $37,170 | $52,758 | 10.3 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies carry different brands and models of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Warranty: If you're concerned about the endurance of your solar panels, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Olive, NY Solar Cost FAQs
How much does it cost to install solar panels in Olive?
The average cost of solar panels in Olive is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Does Olive have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future power bills.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.