Solar Panel Cost Guide in Oyster Bay, NY (2023 Update)
- Oyster Bay Solar Installation Cost: $7,947
- 25-Year Savings: $14,424
- Payback Period: 8.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oyster Bay
Let's take a look at the average cost of solar in Oyster Bay.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Oyster Bay, the average cost of solar panels is 2.95 per watt. To cover the typical energy needs 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 $7,950, or $11,368 before the federal solar tax credit of 30% is applied.
How much you pay can go higher or lower than the average in Oyster Bay based on several factors, such as the brand of solar panels you choose and the solar contractor you hire. But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $22,000 over 20 years on energy bills.
You can click the button below to get connected with a pre-vetted solar company in Oyster Bay for a quote for your home.
Solar savings over time in Oyster Bay
| Year | Return on Investment |
|---|---|
| 1 years | $-6,422 |
| 3 years | $-3,371 |
| 5 years | $-320 |
| 7 years | $2,731 |
| 9 years | $5,781 |
| 11 years | $8,832 |
| 13 years | $11,883 |
| 15 years | $14,933 |
| 17 years | $17,984 |
| 19 years | $21,035 |
| 21 years | $24,085 |
| 23 years | $27,136 |
| 25 years | $30,187 |
Top Solar Installers in Oyster Bay
Although you can install solar panels yourself, it requires extra energy and knowledge. Because of that, most homeowners choose to go with a solar panel installer. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives you can take advantage of and by providing warranties and repairs.
You can get a free quote from a local solar installer on how much your investment in solar 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
See all of the solar companies in Oyster Bay
Factors that Affect Solar Panel Costs in Oyster Bay
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key 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
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,950. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Oyster Bay average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Oyster Bay, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. Although solar loans make going solar more accessible for Oyster Bay homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Oyster Bay, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Oyster Bay have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $21,993 | 9.2 years |
| 8 kW | $3.01 | $16,850 | $29,654 | 9.1 years |
| 10 kW | $2.95 | $20,650 | $37,480 | 8.9 years |
| 12 kW | $2.89 | $24,284 | $45,472 | 8.7 years |
| 14 kW | $2.83 | $27,754 | $53,629 | 8.5 years |
| 16 kW | $2.77 | $31,058 | $61,951 | 8.3 years |
| 18 kW | $2.71 | $34,196 | $70,438 | 8.2 years |
| 20 kW | $2.66 | $37,170 | $79,091 | 8.0 years |
How to Save on Solar Panels
The solar company you choose will impact 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 a few important things you should keep in mind, including:
- Solar Panel Brands: Different companies offer different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated 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 satisfied reviews from previous customers.
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 Oyster Bay, NY Solar Cost FAQs
What is the average cost of installing 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 real cost will depend on things such as the type 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 Oyster Bay?
Leasing solar panels can be an appealing choice, as it commonly 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Oyster Bay?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
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 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 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.