Solar Panel Cost Guide in Ravena, NY (2023 Update)
- Ravena Solar Installation Cost: $9,197
- 25-Year Savings: $9,907
- Payback Period: 12.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ravena
Find out what the average cost of solar panel installation is in Ravena.
The national average cost of solar panels is $2.66 per watt, but in Ravena it's 2.95 per watt. Using this figure, a typical 4.5-kW system would cost about $9,189 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Ravena homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find going solar is a rewarding investment. The average homeowner in Ravena can save around $16,000 on their power bills over 20 years.
Click the button below to get connected to a top solar panel company in Ravena for a custom estimate.
Solar savings over time in Ravena
| Year | Return on Investment |
|---|---|
| 1 years | $-7,934 |
| 3 years | $-5,407 |
| 5 years | $-2,881 |
| 7 years | $-354 |
| 9 years | $2,172 |
| 11 years | $4,698 |
| 13 years | $7,225 |
| 15 years | $9,751 |
| 17 years | $12,278 |
| 19 years | $14,804 |
| 21 years | $17,330 |
| 23 years | $19,857 |
| 25 years | $22,383 |
Top Solar Installers in Ravena
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of an installer can make your swap to solar power much easier. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be best for your home.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Ravena
Factors that Affect Solar Panel Costs in Ravena
The cost of installing a solar system in Ravena can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, 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 panel system in Ravena, one of the most crucial 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 consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $2,950 for each additional kilowatt you need. The kind of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Ravena offer solar loans, which reduce your upfront costs of installing solar panels. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can impact your pricing. Ravena's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access 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 discount can bring their pricing lower 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 | $12,851 | 12.5 years |
| 8 kW | $3.01 | $16,850 | $17,465 | 12.3 years |
| 10 kW | $2.95 | $20,650 | $22,244 | 12.0 years |
| 12 kW | $2.89 | $24,284 | $27,189 | 11.8 years |
| 14 kW | $2.83 | $27,754 | $32,299 | 11.6 years |
| 16 kW | $2.77 | $31,058 | $37,573 | 11.3 years |
| 18 kW | $2.71 | $34,196 | $43,014 | 11.1 years |
| 20 kW | $2.66 | $37,170 | $48,619 | 10.8 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 decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
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 Ravena, NY Solar Cost FAQs
How much does it cost to install solar panels in Ravena?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Ravena is currently $204,366, which means you could be looking at a value of about $8,379 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Ravena is a worthwhile investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home requires 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 house 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.