Solar Panel Cost Guide in Palmyra, NY (2023 Update)
- Palmyra Solar Installation Cost: $8,962
- 25-Year Savings: $7,081
- Payback Period: 14.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Palmyra
Let's have a look at the average cost of solar in Palmyra.
In Palmyra, solar panels cost about 2.95 per watt on average. The average Palmyra homeowner needs a 4.3-kilowatt system, which would cost about $8,962 with the federal tax credit, or $12,816 before the 30% tax credit is applied.
These figures are only estimates, and your own solar costs may differ based on your energy needs and what company you go with. Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Palmyra can save around $14,000 on their power bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Palmyra that can help you get a more accurate cost estimate for your home.
Solar savings over time in Palmyra
| Year | Return on Investment |
|---|---|
| 1 years | $-8,320 |
| 3 years | $-7,037 |
| 5 years | $-5,753 |
| 7 years | $-4,470 |
| 9 years | $-3,187 |
| 11 years | $-1,903 |
| 13 years | $-620 |
| 15 years | $664 |
| 17 years | $1,947 |
| 19 years | $3,231 |
| 21 years | $4,514 |
| 23 years | $5,797 |
| 25 years | $7,081 |
Top Solar Installers in Palmyra
Many homeowners opt for a solar panel company since installing solar panels on your own can be time-consuming. Companies can also provide access to quality options of the best solar panels and help you pick which one will be best for you.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our suggestions for providers 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 Palmyra
Factors that Affect Solar Panel Costs in Palmyra
The cost of installing a solar system in Palmyra can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar system in Palmyra, 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 usage, which you can figure out by looking at past energy bills. Your total cost can increase by about $2,950 for each additional kilowatt you need. The type of solar equipment you choose can bring your price up or down 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, higher efficiency could save you more over time on your power bills. Additionally, add-on products, like solar batteries, can bring your total well above the Palmyra average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Palmyra, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. Even though solar loans make going solar more accessible for Palmyra homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. The size of the company sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $9,305 | 14.5 years |
| 8 kW | $3.01 | $16,850 | $12,737 | 14.2 years |
| 10 kW | $2.95 | $20,650 | $16,335 | 14.0 years |
| 12 kW | $2.89 | $24,284 | $20,097 | 13.7 years |
| 14 kW | $2.83 | $27,754 | $24,025 | 13.4 years |
| 16 kW | $2.77 | $31,058 | $28,118 | 13.1 years |
| 18 kW | $2.71 | $34,196 | $32,376 | 12.8 years |
| 20 kW | $2.66 | $37,170 | $36,799 | 12.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Installation Process: When making the switch to solar energy, it's necessary to keep an open line of communication with your solar company. Make sure you understand how the installation process will go and the project timeline.
- Solar Panel Brands: The model of solar panel you'd like to install plays a role in which company you should choose, since different companies have access to different panels.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past 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 Palmyra, NY Solar Cost FAQs
What is the average cost of installing solar panels in Palmyra?
The average cost of solar panels in Palmyra 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 stuff like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is it worth going solar in Palmyra?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs 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.