Solar Panel Cost Guide in Olive, NY (2024 Update)
- Olive Solar Installation Cost: $11,137
- 25-Year Savings: $10,599
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in Olive
We go over average solar pricing in Olive.
In Olive, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Olive, most homeowners require a 4.4-kilowatt system. Using the figure above, a solar installation costs around $11,137, or $15,926 before the federal solar tax credit of 0 is applied.
The true cost of your system can be above or below the average in Olive depending on a few factors, such as the type of solar panels you choose and the solar contractor you hire.With typical savings of about $17,000 on power bills over 20 years, many homeowners in Olive find investing in solar can pay off big.
You can click the button below to get connected with a 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 | $-9,874 |
| 3 years | $-7,348 |
| 5 years | $-4,821 |
| 7 years | $-2,295 |
| 9 years | $231 |
| 11 years | $2,758 |
| 13 years | $5,284 |
| 15 years | $7,810 |
| 17 years | $10,337 |
| 19 years | $12,863 |
| 21 years | $15,390 |
| 23 years | $17,916 |
| 25 years | $20,442 |
Top Solar Installers in Olive
Installing solar panels by yourself can be a dangerous task, which is why using a solar installer is a good option for many homeowners. Because solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you’d like to go solar but still aren’t certain which solar panel company to go with, here are our recommendations for providers nearby:
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 Olive
Factors that Affect Solar Panel Costs in Olive
The cost of installing a solar system in Olive can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest 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 system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,650. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Olive, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Olive, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your total costs, so it’s crucial to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Olive is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that offer a range of services for different budgets.The company’s size sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes 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 | $3.80 | $15,943 | $11,035 | 14.8 years |
| 8 kW | $3.72 | $20,849 | $15,122 | 14.5 years |
| 10 kW | $3.65 | $25,550 | $19,414 | 14.2 years |
| 12 kW | $3.58 | $30,047 | $23,910 | 13.9 years |
| 14 kW | $3.50 | $34,339 | $28,610 | 13.6 years |
| 16 kW | $3.43 | $38,427 | $33,515 | 13.4 years |
| 18 kW | $3.36 | $42,311 | $38,624 | 13.1 years |
| 20 kW | $3.29 | $45,990 | $43,938 | 12.8 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Contract: Review the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though 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 make sure you ask for their list of offerings before making your decision.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
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 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 $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places 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.
Can you sell solar power back to the grid in Olive?
Most states have net metering programs of some kind. Through these, you can get paid 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 the average daily 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 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.