Solar Panel Cost Guide in Owego, NY (2024 Update)
- Owego Solar Installation Cost: $11,808
- 25-Year Savings: $8,840
- Payback Period: 20.9 Years
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Average Cost of Solar Panels in Owego
Find out what the average cost of a solar system is in Owego.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Owego, the typical cost of solar panels is 4 per watt.Because a 4.6-kW system is needed to cover the energy costs of a typical home in Owego, the average price of going solar will be about $11,808 after claiming the federal solar tax credit of 0.
These figures are just averages, and how much solar costs for you may differ based on the amount of energy your home requires and what company you choose to go with.For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Owego see about $12,000 in savings on utility bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Owego
| Year | Return on Investment |
|---|---|
| 1 years | $-10,982 |
| 3 years | $-9,331 |
| 5 years | $-7,679 |
| 7 years | $-6,027 |
| 9 years | $-4,375 |
| 11 years | $-2,723 |
| 13 years | $-1,071 |
| 15 years | $580 |
| 17 years | $2,232 |
| 19 years | $3,884 |
| 21 years | $5,536 |
| 23 years | $7,188 |
| 25 years | $8,840 |
Top Solar Installers in Owego
Trying to put up solar panels yourself can be a stressful undertaking, which is why using a solar installation company is a good option for many homeowners. Some solar companies, especially local ones, can help you better understand incentives in Owego, thereby optimizing your ROI.
There are several licensed solar professionals that can take care of your solar installation project. 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Owego
Factors that Affect Solar Panel Costs in Owego
There are many 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 price of a solar energy system in Owego, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can determine by looking at past electricity 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 increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Owego to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.You may notice 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 | $3.80 | $15,943 | $2,378 | 21.8 years |
| 8 kW | $3.72 | $20,849 | $3,580 | 21.3 years |
| 10 kW | $3.65 | $25,550 | $4,986 | 20.9 years |
| 12 kW | $3.58 | $30,047 | $6,596 | 20.5 years |
| 14 kW | $3.50 | $34,339 | $8,411 | 20.1 years |
| 16 kW | $3.43 | $38,427 | $10,430 | 19.7 years |
| 18 kW | $3.36 | $42,311 | $12,653 | 19.2 years |
| 20 kW | $3.29 | $45,990 | $15,081 | 18.8 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar installer, make sure to read it through completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Owego, NY Solar Cost FAQs
What is the average cost of installing solar panels in Owego?
The average cost of solar panels in Owego 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Owego?
Leasing solar panels can be an option if you are unable 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.
Is going solar worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.