Solar Panel Cost Guide in Palm Tree, NY (Mar 2023)
- Palm Tree Solar Installation Cost: $8,941
- 25-Year Savings: $18,158
- Payback Period: 8.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Palm Tree
Let's have a look at the average cost of solar in Palm Tree.
The national average cost of solar panels is $2.66 per watt, but in Palm Tree it's 2.95 per watt. The average Palm Tree homeowner needs a 4.3-kilowatt system, which would cost about $8,941 with the federal tax credit, or $12,786 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Palm Tree homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Palm Tree can save about $24,000 on their electricity bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Palm Tree
| Year | Return on Investment |
|---|---|
| 1 years | $-7,857 |
| 3 years | $-5,690 |
| 5 years | $-3,522 |
| 7 years | $-1,354 |
| 9 years | $814 |
| 11 years | $2,982 |
| 13 years | $5,150 |
| 15 years | $7,318 |
| 17 years | $9,486 |
| 19 years | $11,654 |
| 21 years | $13,822 |
| 23 years | $15,990 |
| 25 years | $18,158 |
Top Solar Installers in Palm Tree
Many homeowners decide to hire a solar installation company since installing solar panels by yourself can be a lot of work. The expertise that solar installers provide can be valuable as well, particularly if you don't quite know what type of solar equipment you need.
You can work with a local solar installer to get a free estimate on the cost of solar panels 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
Tesla Energy
- 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 Palm Tree
Factors that Affect Solar Panel Costs in Palm Tree
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Palm Tree: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar 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, you can expect your total to increase by about $2,950. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in Palm Tree, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Lastly, the company you choose to install your solar system can affect how much you pay. Palm Tree's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that offers the products, warranties and services you're looking for and also is within your budget.
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 | $24,684 | 8.6 years |
| 8 kW | $3.01 | $16,850 | $33,243 | 8.4 years |
| 10 kW | $2.95 | $20,650 | $41,967 | 8.2 years |
| 12 kW | $2.89 | $24,284 | $50,856 | 8.1 years |
| 14 kW | $2.83 | $27,754 | $59,910 | 7.9 years |
| 16 kW | $2.77 | $31,058 | $69,129 | 7.7 years |
| 18 kW | $2.71 | $34,196 | $78,514 | 7.6 years |
| 20 kW | $2.66 | $37,170 | $88,063 | 7.4 years |
How to Save on Solar Panels
There are many companies to choose from in Palm Tree, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
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
Tesla Energy
- 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 Palm Tree, NY Solar Cost FAQs
How much does it cost to install solar panels in Palm Tree?
The average cost of solar panels in Palm Tree 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Palm Tree?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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.
Can solar panels completely eradicate my energy 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 $1,252.33 per year.
How long do solar panels last in Palm Tree?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.