Solar Panel Cost Guide in Saranac Lake, NY (2024 Update)
- Saranac Lake Solar Installation Cost: $12,090
- 25-Year Savings: $6,436
- Payback Period: 18.6 Years
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Average Cost of Solar Panels in Saranac Lake
Find out what the average cost of installing solar panels is in Saranac Lake.
The national average cost of solar panels is $2.66 per watt, but in Saranac Lake it’s 4 per watt.The average solar panel system size in Saranac Lake is around 4.7 kilowatts, meaning a cost of about $12,090 for a solar installation, or $17,289 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Saranac Lake homeowners. The price 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 installing a solar system is a fruitful investment. The average homeowner in Saranac Lake can save about $13,000 on their electricity bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Saranac Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,182 |
| 3 years | $-9,364 |
| 5 years | $-7,547 |
| 7 years | $-5,730 |
| 9 years | $-3,913 |
| 11 years | $-2,096 |
| 13 years | $-279 |
| 15 years | $1,538 |
| 17 years | $3,356 |
| 19 years | $5,173 |
| 21 years | $6,990 |
| 23 years | $8,807 |
| 25 years | $10,624 |
Top Solar Installers in Saranac Lake
Although it's possible to install solar panels yourself, it requires extra time and expertise. For that reason, most people choose to go with a solar panel installer. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance in the long run.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Saranac Lake
Factors that Affect Solar Panel Costs in Saranac Lake
There are a number of criteria that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $3,650 per kilowatt in Saranac Lake.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Saranac Lake, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable choice because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.Though solar loans make switching to solar energy more accessible for Saranac Lake homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Saranac Lake, and each can charge different amounts for labor and equipment.The size of the company sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $3.80 | $15,943 | $4,607 | 19.4 years |
| 8 kW | $3.72 | $20,849 | $6,551 | 19.0 years |
| 10 kW | $3.65 | $25,550 | $8,700 | 18.6 years |
| 12 kW | $3.58 | $30,047 | $11,053 | 18.3 years |
| 14 kW | $3.50 | $34,339 | $13,611 | 17.9 years |
| 16 kW | $3.43 | $38,427 | $16,373 | 17.5 years |
| 18 kW | $3.36 | $42,311 | $19,339 | 17.2 years |
| 20 kW | $3.29 | $45,990 | $22,510 | 16.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: If you’re concerned about the endurance of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: When making the switch to solar power, it’s essential to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project completion timeline.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Saranac Lake, NY Solar Cost FAQs
What is the average cost of installing solar panels in Saranac Lake?
The average cost of solar panels in Saranac Lake is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on things such as 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 Saranac Lake?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home 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 financial benefits from going solar.
How will having solar panels impact my home value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need 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.