Solar Panel Cost Guide in Saranac Lake, NY (2023 Update)
- Saranac Lake Solar Installation Cost: $9,767
- 25-Year Savings: $6,440
- Payback Period: 15.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Saranac Lake
Let's take a look at the average cost of solar in Saranac Lake.
In Saranac Lake, solar panels cost about 2.95 per watt on average. To cover the typical energy needs of the average home in Saranac Lake, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $9,767, or $13,967 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar system you want to get, your solar contractor and more. Many homeowners find adopting solar power is a solid investment. The average homeowner in Saranac Lake can save about $13,000 on their energy bills over 20 years.
Click the button below to get connected to a vetted solar panel company in Saranac Lake for a custom estimate.
Solar savings over time in Saranac Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-9,119 |
| 3 years | $-7,823 |
| 5 years | $-6,526 |
| 7 years | $-5,229 |
| 9 years | $-3,933 |
| 11 years | $-2,636 |
| 13 years | $-1,340 |
| 15 years | $-43 |
| 17 years | $1,253 |
| 19 years | $2,550 |
| 21 years | $3,846 |
| 23 years | $5,143 |
| 25 years | $6,440 |
Top Solar Installers in Saranac Lake
When making the switch to solar, many homeowners decide to hire a solar company since putting up a solar system yourself can be a challenging project. Companies can also have access to a large variety of the best solar panels and help you pick which one will be right for your home.
If you'd like to make the switch to solar but still aren't certain which solar installer to go with, here are our suggestions for providers 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 Saranac Lake
Factors that Affect Solar Panel Costs in Saranac Lake
For many Saranac Lake homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Saranac Lake, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of solar panels in Saranac Lake, 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 usage, which you can determine by looking at past energy bills. Your total cost can increase by about $2,950 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bump up your total well above the Saranac Lake average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Saranac Lake homeowners decide to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installation company you choose will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and bulk 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 down to compete with bigger 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 | $7,664 | 15.7 years |
| 8 kW | $3.01 | $16,850 | $10,550 | 15.4 years |
| 10 kW | $2.95 | $20,650 | $13,600 | 15.1 years |
| 12 kW | $2.89 | $24,284 | $16,816 | 14.8 years |
| 14 kW | $2.83 | $27,754 | $20,196 | 14.5 years |
| 16 kW | $2.77 | $31,058 | $23,742 | 14.2 years |
| 18 kW | $2.71 | $34,196 | $27,454 | 13.9 years |
| 20 kW | $2.66 | $37,170 | $31,330 | 13.6 years |
How to Save on Solar Panels
There are many 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:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Different companies will have various brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: Before you sign a contract with a solar installer, be sure to read it through carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
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 Saranac Lake, NY Solar Cost FAQs
How much does it cost to install solar panels in Saranac Lake?
The average cost of solar panels in Saranac Lake 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is it worth going solar in Saranac Lake?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
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 higher level 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.