Solar Panel Cost Guide in Oyster Bay, NY (Aug 2022)
- Oyster Bay Solar Installation Cost: $8,405
- 25-Year Savings: $13,966
- Payback Period: 9.4 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Oyster Bay
We break down average solar pricing in Oyster Bay.
The average cost of solar panels in Oyster Bay is $3 per watt. To account for the typical energy usage of the average home in Oyster Bay, most homeowners require a 3.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $8,405, or $6,220 after the federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Oyster Bay depending on a few factors, such as the model of solar panels you choose and the solar installer you hire. With typical savings of about $22,000 on utility bills over 20 years, many homeowners in Oyster Bay find going solar has a decent ROI.
You can click the button below to get connected with a vetted solar installer in Oyster Bay for a quote for your home.
Solar savings over time in Oyster Bay
| Year | Return on Investment |
|---|---|
| 1 years | $-7,510 |
| 3 years | $-5,720 |
| 5 years | $-3,930 |
| 7 years | $-2,141 |
| 9 years | $-351 |
| 11 years | $1,439 |
| 13 years | $3,228 |
| 15 years | $5,018 |
| 17 years | $6,808 |
| 19 years | $8,597 |
| 21 years | $10,387 |
| 23 years | $12,177 |
| 25 years | $13,966 |
Top Solar Installers in Oyster Bay
Many homeowners decide to use a solar panel installer since installing solar panels on your own can be hard. Also, if you'd like to maximize your investment in solar energy, opting for a solar company can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Oyster Bay
Factors that Affect Solar Panel Costs in Oyster Bay
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Oyster Bay: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment Size
The size of the solar system you need to offset your energy usage is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,950. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Oyster Bay, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Oyster Bay homeowners choose to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the total 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 above the equipment and labor 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
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Oyster Bay is the company you choose to install your PV system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services for different budgets. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $13,622 | $21,256 | 9.8 years |
| 8 kW | $3.01 | $17,813 | $28,691 | 9.6 years |
| 10 kW | $2.95 | $21,830 | $36,300 | 9.4 years |
| 12 kW | $2.89 | $25,672 | $44,084 | 9.2 years |
| 14 kW | $2.83 | $29,340 | $52,043 | 9.0 years |
| 16 kW | $2.77 | $32,832 | $60,176 | 8.8 years |
| 18 kW | $2.71 | $36,150 | $68,484 | 8.6 years |
| 20 kW | $2.66 | $39,294 | $76,967 | 8.4 years |
Solar Incentives in Oyster Bay
| Name | Residential Solar Tax Credit |
| Incentive Amount | 25% for solar-electric (PV) and solar-thermal systems; for third-party owned systems this is in reference to the aggregate amount owed under the contract rather than the amount owed in any single year |
| Incentive Max | $5,000 for solar-energy systems |
| Website | Visit here |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Local Option - Real Property Tax Exemption for Green Buildings |
| Incentive Amount | Upon local adoption, 20% - 100% of real property taxes owed; varies by year and certification level |
| Website | Visit here |
| More Info | Click here |
| Name | NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business) |
| Incentive Amount | Incentive rates step down over time as MW goals are met. Incentive rates as of 11/27/2019 are: Residential: Long Island Region: $0.00/W (MW blocks have been fully subscribed) Con Edison Region: $0.30/W Upstate Region: $0.35/W Low-to-Moderate income customers: $0.80/W (up to 10 kW) Small Commercial (Non-Residential):Long Island Region: $0.00/W (MW blocks have been fully subscribed) Con Edison Region: $0.60/W Up State Region: $0.45/W Multifamily Affordable Housing Adder: additional $0.40/W (up to 50 kW) |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR |
| Website | Visit here |
| More Info | Click here |
| Name | NY Green Bank |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Solar Sales Tax Exemption |
| Incentive Amount | Upon local authorization, 100% exemption from local sales tax |
| More Info | Click here |
| Name | Solar Sales Tax Exemption |
| Incentive Amount | 100% exemption from state sales tax |
| Website | Visit here |
| More Info | Click here |
| Name | Energy Conservation Improvements Property Tax Exemption |
| Incentive Amount | 100% of the value added to the residence by the improvements |
| Website | Visit here |
| More Info | Click here |
| Name | NY-Sun Loan Program |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Solar, Wind & Biomass Energy Systems Exemption |
| Incentive Amount | 100% exemption for 15 years (unless local jurisdiction has opted out) |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Not all solar companies 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.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the project timeline.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Oyster Bay, NY Solar Cost FAQs
How much does it cost to install solar panels in Oyster Bay?
The average cost of solar panels in Oyster Bay 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 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 Oyster Bay?
Leasing solar panels can be an attractive choice, because 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 option if you want to get the most savings.
Can you sell solar power back to the grid in Oyster Bay?
The majority of states offer net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Oyster Bay?
On average, solar panels can last 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 higher 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.
