Solar Panel Cost Guide in Otsego, NY (2024 Update)
- Otsego Solar Installation Cost: $11,722
- 25-Year Savings: $5,560
- Payback Period: 19.5 Years
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Average Cost of Solar Panels in Otsego
Let’s take a look at the average cost of solar in Otsego.
The average cost of a solar panel system in Otsego is 4 per watt.Using this figure, a typical 4.6-kW system would cost about $11,722 before the 0 federal solar tax credit is applied.
The actual price you pay can be higher or lower than the average in Otsego depending on a few factors, such as the kind of solar panels you choose and the solar contractor you hire.But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $12,000 over 20 years on power bills.
To get a free quote from a top solar installation company in Otsego, you can click the button below.
Solar savings over time in Otsego
| Year | Return on Investment |
|---|---|
| 1 years | $-10,896 |
| 3 years | $-9,245 |
| 5 years | $-7,593 |
| 7 years | $-5,941 |
| 9 years | $-4,289 |
| 11 years | $-2,637 |
| 13 years | $-985 |
| 15 years | $667 |
| 17 years | $2,318 |
| 19 years | $3,970 |
| 21 years | $5,622 |
| 23 years | $7,274 |
| 25 years | $8,926 |
Top Solar Installers in Otsego
When making the switch to solar, many homeowners opt to go with a solar installation company since DIY solar panel installation can be a time-consuming project. Some solar installers, especially local ones, can help you take advantage of incentives in Otsego, optimizing your ROI.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Otsego
Factors that Affect Solar Panel Costs in Otsego
There are several factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of a solar system in Otsego, 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 consumption, which you can determine by looking at past power bills. Your total cost can increase by around $3,650 for each additional kilowatt you need.The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Otsego have solar loans, which reduce your upfront costs of installing a solar system.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the growing popularity of clean energy solutions in Otsego, you’ll have many options to choose from, but each comes at various price points for labor and equipment.You may come across national solar installers that have lower prices because of their bigger 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 | $3.80 | $15,943 | $3,718 | 20.3 years |
| 8 kW | $3.72 | $20,849 | $5,366 | 19.9 years |
| 10 kW | $3.65 | $25,550 | $7,219 | 19.5 years |
| 12 kW | $3.58 | $30,047 | $9,276 | 19.1 years |
| 14 kW | $3.50 | $34,339 | $11,538 | 18.7 years |
| 16 kW | $3.43 | $38,427 | $14,003 | 18.3 years |
| 18 kW | $3.36 | $42,311 | $16,674 | 17.9 years |
| 20 kW | $3.29 | $45,990 | $19,548 | 17.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Make sure your solar company 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.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
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 Otsego, NY Solar Cost FAQs
What is the average cost of installing solar panels in Otsego?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact my property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage 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 get 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.