Solar Panel Cost Guide in Phelps, NY (2024 Update)
- Phelps Solar Installation Cost: $11,777
- 25-Year Savings: $6,214
- Payback Period: 18.7 Years
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Average Cost of Solar Panels in Phelps
Find out what the average cost of solar panels are in Phelps.
While the national average of solar panels is $2.66 per watt, solar panels in Phelps generally cost around 4.To account for the typical energy needs of the average home in Phelps, most homeowners require a 4.6-kilowatt system. Using the figure above, a solar installation costs around $11,777, or $16,841 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average Phelps homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, after you've paid the initial cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $13,000 over 20 years on electricity bills.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Phelps
| Year | Return on Investment |
|---|---|
| 1 years | $-10,951 |
| 3 years | $-9,299 |
| 5 years | $-7,647 |
| 7 years | $-5,995 |
| 9 years | $-4,344 |
| 11 years | $-2,692 |
| 13 years | $-1,040 |
| 15 years | $612 |
| 17 years | $2,264 |
| 19 years | $3,916 |
| 21 years | $5,567 |
| 23 years | $7,219 |
| 25 years | $8,871 |
Top Solar Installers in Phelps
Although it's possible to install solar panels on your own, it takes extra energy and knowledge. For that reason, most homeowners choose to go with a solar panel installer. The payback period on a solar system will vary depending on factors like your roof configuration and energy consumption, but working with a solar company can shorten that period. Your provider will be able to help you apply for incentives available in your area.
If you're searching for a solar company in Phelps, the EcoWatch team has compiled a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Phelps
Factors that Affect Solar Panel Costs in Phelps
The cost of installing a solar system in Phelps can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Phelps, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by about $3,650 for each additional kilowatt you need.The model of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable option because they lower your upfront costs and allow you to pay for your system over five to seven years on average.Although solar loans make adopting solar energy more accessible for Phelps homeowners, they can also increase 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
A final consideration when trying to figure out the cost of solar for your home or business in Phelps is the company you hire to install your solar system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $4,535 | 19.5 years |
| 8 kW | $3.72 | $20,849 | $6,456 | 19.1 years |
| 10 kW | $3.65 | $25,550 | $8,581 | 18.7 years |
| 12 kW | $3.58 | $30,047 | $10,910 | 18.3 years |
| 14 kW | $3.50 | $34,339 | $13,444 | 18.0 years |
| 16 kW | $3.43 | $38,427 | $16,182 | 17.6 years |
| 18 kW | $3.36 | $42,311 | $19,125 | 17.2 years |
| 20 kW | $3.29 | $45,990 | $22,272 | 16.8 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what you need to do before your solar panel system is installed, such as updating your electrical system or roof.
- Contract: Before you sign a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Phelps, NY Solar Cost FAQs
What is the average cost of installing solar panels in Phelps?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a key 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 take into account are the quality and durability of your solar panels.
How much can I save on power bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Phelps, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power 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 typically 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.