Solar Panel Cost Guide in Owego, NY (2023 Update)
- Owego Solar Installation Cost: $9,540
- 25-Year Savings: $4,572
- Payback Period: 16.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Owego
We go over average solar pricing in Owego.
In Owego, solar panels cost about 2.95 per watt on average. Using this figure, a typical 4.6-kW system would cost about $9,540 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of solar panels you want, your solar contractor and more. With average savings of about $12,000 on energy bills over 20 years, many homeowners in Owego find going solar can be quite rewarding.
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 Owego
| Year | Return on Investment |
|---|---|
| 1 years | $-8,976 |
| 3 years | $-7,847 |
| 5 years | $-6,718 |
| 7 years | $-5,589 |
| 9 years | $-4,460 |
| 11 years | $-3,331 |
| 13 years | $-2,202 |
| 15 years | $-1,073 |
| 17 years | $56 |
| 19 years | $1,185 |
| 21 years | $2,314 |
| 23 years | $3,443 |
| 25 years | $4,572 |
Top Solar Installers in Owego
Many homeowners decide to hire a solar installer since installing solar panels on your own can be hard. Plus, if you're not certain what type of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Owego
Factors that Affect Solar Panel Costs in Owego
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that affect your total cost in Owego: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of solar panels in Owego, 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 energy bills. Your total cost can increase by about $2,950 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Owego, where sunlight isn't as abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of 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 a solar system out of pocket can be challenging. Solar loans are available from most installers in Owego, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can impact the cost. Owego's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of 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 major players.
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 | $5,436 | 17.6 years |
| 8 kW | $3.01 | $16,850 | $7,578 | 17.2 years |
| 10 kW | $2.95 | $20,650 | $9,886 | 16.9 years |
| 12 kW | $2.89 | $24,284 | $12,358 | 16.6 years |
| 14 kW | $2.83 | $27,754 | $14,996 | 16.2 years |
| 16 kW | $2.77 | $31,058 | $17,799 | 15.9 years |
| 18 kW | $2.71 | $34,196 | $20,768 | 15.6 years |
| 20 kW | $2.66 | $37,170 | $23,901 | 15.2 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose considerably affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Installation Process: When making the switch to solar power, it's essential to keep an open line of communication with your solar installer. See to it that you understand how the installation process works and the completion timeline.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Owego, NY Solar Cost FAQs
How much does it cost to install solar panels in Owego?
The average cost of solar panels in Owego is about $14,750 for a 5-kW system and $29,500 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 thing to consider when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Owego?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a 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 install 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.