Solar Panel Cost Guide in Olive, NY (2023 Update)
- Olive Solar Installation Cost: $9,002
- 25-Year Savings: $10,599
- Payback Period: 11.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Olive
Let's take a look at the average cost of solar in Olive.
The average cost of a solar system in Olive is 2.95 per watt. To account for the typical energy usage of the average home in Olive, most homeowners require a 4.4-kilowatt system. Using the figure above, a solar installation costs about $9,003, or $12,874 before the federal solar tax credit of 30% is applied.
How much you pay can be higher or lower than the average in Olive depending on a variety of factors, such as the model of solar panels you choose and the solar company you hire. But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $17,000 over 20 years on power bills.
Click the button below to get connected to a reputable solar installer in Olive for a custom quote.
Solar savings over time in Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-7,738 |
| 3 years | $-5,212 |
| 5 years | $-2,686 |
| 7 years | $-159 |
| 9 years | $2,367 |
| 11 years | $4,894 |
| 13 years | $7,420 |
| 15 years | $9,946 |
| 17 years | $12,473 |
| 19 years | $14,999 |
| 21 years | $17,526 |
| 23 years | $20,052 |
| 25 years | $22,578 |
Top Solar Installers in Olive
Installing solar panels on your own can be a difficult project, which is why using a solar installer is a good option for many homeowners. Also, 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, rebates and net metering programs.
If you're looking for a solar installer in Olive, the EcoWatch team has 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 Olive
Factors that Affect Solar Panel Costs in Olive
Although the average cost of a solar system in Olive is $9,003, your actual cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the price of a solar system in Olive, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can figure out by looking at past power bills. Your total cost can increase by around $2,950 for each additional kilowatt you need. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for 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 in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Olive average.
Solar Financing Terms
Many homeowners find the average cost of solar in Olive to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can play a role in determining the cost. Olive's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 installer you opt for will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which kind 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 options before deciding.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline rebates and warranties.
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 Olive, NY Solar Cost FAQs
What is the average cost of installing 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 use.
Is it better to lease or buy solar panels in Olive?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can you sell solar power back to the grid in Olive?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can 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 buy between 20 and 35 panels to cover 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.