Solar Panel Cost Guide in Parma, NY (2023 Update)
- Parma Solar Installation Cost: $8,610
- 25-Year Savings: $8,214
- Payback Period: 12.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Parma
Find out what the average cost of solar panels are in Parma.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Parma, the typical cost of a solar system is 2.95 per watt. The average Parma homeowner needs a 4.2-kilowatt system, which would cost about $8,611 with the federal tax credit, or $12,314 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Parma homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $15,000 over 20 years on power bills.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Parma
| Year | Return on Investment |
|---|---|
| 1 years | $-8,554 |
| 3 years | $-8,441 |
| 5 years | $-8,329 |
| 7 years | $-8,217 |
| 9 years | $-8,105 |
| 11 years | $-7,993 |
| 13 years | $-7,881 |
| 15 years | $-7,769 |
| 17 years | $-7,656 |
| 19 years | $-7,544 |
| 21 years | $-7,432 |
| 23 years | $-7,320 |
| 25 years | $-7,208 |
Top Solar Installers in Parma
Although it's possible to install solar panels yourself, it involves extra time and know-how. For that reason, most homeowners choose to go with a solar panel installer. Local solar companies can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by offering warranties and repairs.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Parma
Factors that Affect Solar Panel Costs in Parma
For many Parma homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Parma, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,950. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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, more efficient panels could save you more in the long run on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Parma average.
Solar Financing Terms
Most solar companies in Parma have solar loans, which reduce the initial cost of installing solar panels. 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 getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you select will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to more 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 promotion can bring their pricing down to compete with bigger companies.
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 | $11,325 | 13.3 years |
| 8 kW | $3.01 | $16,850 | $15,430 | 13.1 years |
| 10 kW | $2.95 | $20,650 | $19,700 | 12.8 years |
| 12 kW | $2.89 | $24,284 | $24,136 | 12.5 years |
| 14 kW | $2.83 | $27,754 | $28,737 | 12.3 years |
| 16 kW | $2.77 | $31,058 | $33,503 | 12.0 years |
| 18 kW | $2.71 | $34,196 | $38,434 | 11.8 years |
| 20 kW | $2.66 | $37,170 | $43,531 | 11.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: If you're concerned about the longevity of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: The kind of solar panel you want plays a part in which company you should opt for, since different companies have access to different panels.
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 Parma, NY Solar Cost FAQs
What is the average cost of installing solar panels in Parma?
The average cost of solar panels in Parma 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact my home value?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Parma?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.