Solar Panel Cost Guide in Otsego, NY (2023 Update)
- Otsego Solar Installation Cost: $9,474
- 25-Year Savings: $5,560
- Payback Period: 15.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Otsego
Let's have a look at the average cost of solar panels in Otsego.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Otsego, the average cost of solar panels is 2.95 per watt. Because a 4.6-kW system is needed to cover the energy needs of a typical home in Otsego, the average price of going solar will be about $9,478 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more. Even with the high initial cost, the average Otsego homeowner can save around $12,000 on their power bills over 20 years, which is one of the perks of solar.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Otsego
| Year | Return on Investment |
|---|---|
| 1 years | $-8,648 |
| 3 years | $-6,996 |
| 5 years | $-5,345 |
| 7 years | $-3,693 |
| 9 years | $-2,041 |
| 11 years | $-389 |
| 13 years | $1,263 |
| 15 years | $2,915 |
| 17 years | $4,566 |
| 19 years | $6,218 |
| 21 years | $7,870 |
| 23 years | $9,522 |
| 25 years | $11,174 |
Top Solar Installers in Otsego
When making the switch to solar, many homeowners prefer to hire a solar company since overseeing your solar installation yourself can be a difficult project. Companies can also have access to various kinds of the best solar panels and help you decide which one will be right for you.
If you'd like to switch to solar energy but still aren't certain which solar company to go with, here are our suggestions for providers near you:
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 Otsego
Factors that Affect Solar Panel Costs in Otsego
The cost of installing a solar system in Otsego can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
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 usage, which you can determine by looking at past power bills. Your total cost can increase by around $2,950 for each additional kilowatt you need. The brand of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Otsego homeowners decide to finance their solar panel systems to offset upfront costs. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Otsego is the company you get to install your PV system. Similar to choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that provide a range of services at different costs. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions 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 | $6,776 | 16.4 years |
| 8 kW | $3.01 | $16,850 | $9,365 | 16.1 years |
| 10 kW | $2.95 | $20,650 | $12,119 | 15.8 years |
| 12 kW | $2.89 | $24,284 | $15,039 | 15.4 years |
| 14 kW | $2.83 | $27,754 | $18,123 | 15.1 years |
| 16 kW | $2.77 | $31,058 | $21,373 | 14.8 years |
| 18 kW | $2.71 | $34,196 | $24,788 | 14.5 years |
| 20 kW | $2.66 | $37,170 | $28,368 | 14.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
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 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 many factors. Generally speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Otsego?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $655.38 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 amount 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.