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 a solar system is 4 per watt.The average Owego homeowner needs a 4.6-kilowatt system, which would cost about $11,808 with the federal tax credit, or $16,885 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of making the switch to solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what company you go with.With average savings of about $12,000 on utility bills over 20 years, many homeowners in Owego find going solar has a decent ROI.
To receive a free estimate from a highly rated solar installer in Owego, you can 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
Many homeowners choose to use a solar panel company since figuring out how to install solar panels on your own can be challenging. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives you can benefit from and by offering warranties and repairs.
Working with a vetted solar installer can help you make the most of your investment in solar. 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 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 will push your cost above or below the average 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 a solar panel 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 usage, which you can determine by looking at past power bills. Your overall cost can increase by about $3,650 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. Additionally, extra products, like solar batteries, can bump up your total well above the Owego average.
Solar Financing Terms
Many homeowners find the average cost of solar in Owego to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.You’ll have to consider the long-term cost of loans, including the amount of 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 principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installation company you choose will play a role in your total cost to go solar. Different companies will charge different amounts for the equipment and labor.You may notice 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 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
The solar panel company you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, such as:
- Warranty: If you’re worried about the longevity of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project completion timeline rebates and warranties.
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 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 actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Owego?
Leasing solar panels can be an attractive choice, because it typically 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 option if you want to get the most savings.
Is it worth going solar in Owego?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.