Solar Panel Cost Guide in Salamanca, NY (2023 Update)
- Salamanca Solar Installation Cost: $9,632
- 25-Year Savings: $3,497
- Payback Period: 18.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Salamanca
Find out what the average cost of solar panel installation is in Salamanca.
The average cost of solar panels in Salamanca is 2.95 per watt. To account for the typical energy needs of the average home in Salamanca, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs around $9,623, or $13,761 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of equipment you want to get, your solar contractor and more. For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Salamanca see about $11,000 in savings on energy bills over 20 years.
To receive a free estimate from a top solar installer in Salamanca, you can click the button below.
Solar savings over time in Salamanca
| Year | Return on Investment |
|---|---|
| 1 years | $-9,588 |
| 3 years | $-9,501 |
| 5 years | $-9,413 |
| 7 years | $-9,326 |
| 9 years | $-9,238 |
| 11 years | $-9,151 |
| 13 years | $-9,063 |
| 15 years | $-8,976 |
| 17 years | $-8,888 |
| 19 years | $-8,801 |
| 21 years | $-8,713 |
| 23 years | $-8,626 |
| 25 years | $-8,538 |
Top Solar Installers in Salamanca
Installing solar panels yourself can be a challenging undertaking, which is why using a solar installation company is a good option for many homeowners. The expertise that solar companies offer can be invaluable as well, particularly if you aren't sure what brand of solar equipment you need.
There are various licensed solar professionals that can help you install your solar panels. 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 Salamanca
Factors that Affect Solar Panel Costs in Salamanca
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Salamanca: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,950 per kilowatt in Salamanca. The type of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment is more than 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 looking for a solar system that's in your budget.
Solar Financing Terms
Most solar installers in Salamanca have solar loans, which reduce your upfront costs of installing solar panels. Even though solar loans make adopting solar energy more accessible for Salamanca homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar system can affect how much you pay. Salamanca's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Salamanca have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $4,003 | 19.1 years |
| 8 kW | $3.01 | $16,850 | $5,667 | 18.7 years |
| 10 kW | $2.95 | $20,650 | $7,497 | 18.3 years |
| 12 kW | $2.89 | $24,284 | $9,492 | 18.0 years |
| 14 kW | $2.83 | $27,754 | $11,652 | 17.6 years |
| 16 kW | $2.77 | $31,058 | $13,978 | 17.2 years |
| 18 kW | $2.71 | $34,196 | $16,468 | 16.9 years |
| 20 kW | $2.66 | $37,170 | $19,124 | 16.5 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly impacts your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The model of solar panel you need plays a role in which installer you should go with, since different companies offer different panels.
- Contract: Before signing a contract with a solar installer, make sure you 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 what services you can expect from them.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
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 Salamanca, NY Solar Cost FAQs
What is the average cost of installing solar panels in Salamanca?
The average cost of solar panels in Salamanca 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 things such as the model of solar panels you want, what size system you need and how much energy you use.
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 places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $562.94 per year.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.