Solar Panel Cost Guide in Penfield, NY (2023 Update)
- Penfield Solar Installation Cost: $8,611
- 25-Year Savings: $7,747
- Payback Period: 13.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Penfield
Find out what the average cost of a solar system is in Penfield.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Penfield, the average cost of a solar system is 2.95 per watt. Since a 4.2-kW system is needed to cover the energy costs of a typical home in Penfield, the average price of going solar will be about $8,611 after claiming the federal solar tax credit of 30%.
The true cost of your system can go higher or lower than the average in Penfield based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire. Many homeowners find adopting solar power is a solid investment. The average homeowner in Penfield can save around $15,000 on their energy bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Penfield
| Year | Return on Investment |
|---|---|
| 1 years | $-7,957 |
| 3 years | $-6,648 |
| 5 years | $-5,339 |
| 7 years | $-4,031 |
| 9 years | $-2,722 |
| 11 years | $-1,413 |
| 13 years | $-105 |
| 15 years | $1,204 |
| 17 years | $2,513 |
| 19 years | $3,821 |
| 21 years | $5,130 |
| 23 years | $6,439 |
| 25 years | $7,747 |
Top Solar Installers in Penfield
Although you can install solar panels by yourself, it takes extra time and expertise. Because of that, almost all homeowners choose to hire a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Penfield
Factors that Affect Solar Panel Costs in Penfield
There are many criteria that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,950. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Penfield homeowners choose to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the amount of 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 more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Penfield, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $10,655 | 13.7 years |
| 8 kW | $3.01 | $16,850 | $14,537 | 13.4 years |
| 10 kW | $2.95 | $20,650 | $18,584 | 13.2 years |
| 12 kW | $2.89 | $24,284 | $22,797 | 12.9 years |
| 14 kW | $2.83 | $27,754 | $27,174 | 12.6 years |
| 16 kW | $2.77 | $31,058 | $31,717 | 12.4 years |
| 18 kW | $2.71 | $34,196 | $36,425 | 12.1 years |
| 20 kW | $2.66 | $37,170 | $41,298 | 11.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated 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 good reviews from previous customers.
- 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.
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 Penfield, NY Solar Cost FAQs
What is the average cost of installing solar panels in Penfield?
The average cost of solar panels in Penfield 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 such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Penfield?
Leasing solar panels can be an option if you can't afford to pay upfront or secure 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.
Is switching to solar power worth it?
Solar panels can be a good investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Penfield?
On average, solar panels can last 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.