Solar Panel Cost Guide in Peru, NY (2023 Update)
- Peru Solar Installation Cost: $9,601
- 25-Year Savings: $5,036
- Payback Period: 16.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Peru
See how much it might cost to go solar in Peru.
The average cost of solar panels in Peru is 2.95 per watt. Because a 4.7-kW system is needed to cover the energy consumption of a typical home in Peru, the average price of going solar will be about $9,602 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what solar installer you go with. With typical savings of about $12,000 on power bills over 20 years, many homeowners in Peru find installing solar panels has a decent ROI.
Click the button below to get connected to a highly rated solar company in your area for a custom estimate.
Solar savings over time in Peru
| Year | Return on Investment |
|---|---|
| 1 years | $-8,775 |
| 3 years | $-7,123 |
| 5 years | $-5,472 |
| 7 years | $-3,820 |
| 9 years | $-2,168 |
| 11 years | $-516 |
| 13 years | $1,136 |
| 15 years | $2,788 |
| 17 years | $4,439 |
| 19 years | $6,091 |
| 21 years | $7,743 |
| 23 years | $9,395 |
| 25 years | $11,047 |
Top Solar Installers in Peru
Trying to put up solar panels by yourself can be a dangerous undertaking, which is why hiring a solar installation company is a good option for many homeowners. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
If you'd like to switch to solar energy but still aren't certain which solar system installer to go with, here are our recommendations 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 Peru
Factors that Affect Solar Panel Costs in Peru
The cost of installing a solar system in Peru can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Peru, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,950 for each additional kilowatt you need. The brand of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Peru have solar loans, which reduce your upfront costs of installing solar. Though solar loans make switching to solar energy more accessible for Peru homeowners, they can also increase the total you pay for your system due to interest. 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
Finally, the company you get to install your solar panels can affect how much it costs. Peru's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $6,003 | 17.1 years |
| 8 kW | $3.01 | $16,850 | $8,334 | 16.7 years |
| 10 kW | $2.95 | $20,650 | $10,831 | 16.4 years |
| 12 kW | $2.89 | $24,284 | $13,493 | 16.1 years |
| 14 kW | $2.83 | $27,754 | $16,320 | 15.7 years |
| 16 kW | $2.77 | $31,058 | $19,312 | 15.4 years |
| 18 kW | $2.71 | $34,196 | $22,469 | 15.1 years |
| 20 kW | $2.66 | $37,170 | $25,792 | 14.8 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Peru, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Review the contract terms thoroughly to make sure you understand the overall cost, completion timeline incentives and warranties.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: The type of solar panel you'd like plays a role in which company you should opt for, since different companies have access to different panels.
- Reputation: Your solar installer should have a good 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 certified by 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 Peru, NY Solar Cost FAQs
What is the average cost of installing solar panels in Peru?
The average cost of solar panels in Peru 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 stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Peru?
Leasing solar panels can be an option if you can't 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 property 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 bang for your buck from going solar.
Do solar panels increase your property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Peru is currently $145,159, so you can look forward to a value of about $5,952 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Peru is a rewarding investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out 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 home 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.