Solar Panel Cost Guide in Oxford, NY (2023 Update)
- Oxford Solar Installation Cost: $9,595
- 25-Year Savings: $5,205
- Payback Period: 16.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oxford
Let's take a look at the average cost of solar panels in Oxford.
While the national average of solar panels is $2.66 per watt, solar panels in Oxford generally cost around 2.95. The average solar panel system size in Oxford is around 4.7 kilowatts, meaning a cost of about $9,602 for a solar installation, or $13,731 before the 30% federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you will most likely vary based on your specific situation and what company you want to go with. Despite the high initial cost, the average Oxford homeowner can save around $12,000 on their electricity bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a vetted solar company in Oxford that can help you get a more accurate cost estimate for your home.
Solar savings over time in Oxford
| Year | Return on Investment |
|---|---|
| 1 years | $-9,546 |
| 3 years | $-9,447 |
| 5 years | $-9,349 |
| 7 years | $-9,250 |
| 9 years | $-9,151 |
| 11 years | $-9,053 |
| 13 years | $-8,954 |
| 15 years | $-8,855 |
| 17 years | $-8,757 |
| 19 years | $-8,658 |
| 21 years | $-8,559 |
| 23 years | $-8,461 |
| 25 years | $-8,362 |
Top Solar Installers in Oxford
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring an installer can make converting to solar power much easier. Some solar companies, especially local ones, can help you better understand incentives in Oxford, thereby optimizing your ROI.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some 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 Oxford
Factors that Affect Solar Panel Costs in Oxford
For many Oxford homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Oxford, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Oxford, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past energy bills. Your total cost can increase by around $2,950 for each additional kilowatt you need. The kind of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Oxford offer solar loans, which reduce the initial cost of installing a solar system. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Oxford is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for instance, you'll have no shortage of solar installers that offer a range of services at different costs. Additionally, some companies in Oxford are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $6,225 | 16.9 years |
| 8 kW | $3.01 | $16,850 | $8,630 | 16.5 years |
| 10 kW | $2.95 | $20,650 | $11,201 | 16.2 years |
| 12 kW | $2.89 | $24,284 | $13,937 | 15.9 years |
| 14 kW | $2.83 | $27,754 | $16,838 | 15.6 years |
| 16 kW | $2.77 | $31,058 | $19,904 | 15.2 years |
| 18 kW | $2.71 | $34,196 | $23,135 | 14.9 years |
| 20 kW | $2.66 | $37,170 | $26,532 | 14.6 years |
How to Save on Solar Panels
There are a lot of companies available in Oxford, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Contract: When reading through 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 such as a system part breaking or if the company goes out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
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 Oxford, NY Solar Cost FAQs
What is the average cost of installing solar panels in Oxford?
The average cost of solar panels in Oxford is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Oxford?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $637.02 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily 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 buy 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.