Solar Panel Cost Guide in Solvay, NY (2023 Update)
- Solvay Solar Installation Cost: $9,565
- 25-Year Savings: $4,220
- Payback Period: 17.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Solvay
Find out how much it might cost to switch to solar power in Solvay.
The average cost of a solar system in Solvay is 2.95 per watt. To cover the typical energy usage of the average home in Solvay, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,561, or $13,672 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary depending on several factors, such as what size system you need, your energy consumption and what company you go with. For many homeowners, the upfront cost of solar panels is worth paying. On average Solvay homeowners see about $11,000 in savings on utility bills over 20 years.
Click the button below to get connected to a vetted solar installer in Solvay for a customized estimate.
Solar savings over time in Solvay
| Year | Return on Investment |
|---|---|
| 1 years | $-8,698 |
| 3 years | $-6,963 |
| 5 years | $-5,229 |
| 7 years | $-3,494 |
| 9 years | $-1,760 |
| 11 years | $-25 |
| 13 years | $1,709 |
| 15 years | $3,444 |
| 17 years | $5,178 |
| 19 years | $6,913 |
| 21 years | $8,647 |
| 23 years | $10,382 |
| 25 years | $12,116 |
Top Solar Installers in Solvay
Although you can install solar panels by yourself, it involves extra energy and know-how. That's why most homeowners choose to go with a solar panel installer. Another great thing about using a top solar installer is that it'll provide warranties and free repairs, which help protect your solar system over time.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Solvay
Factors that Affect Solar Panel Costs in Solvay
For many Solvay homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Solvay, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,950. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Solvay to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time due to interest. However, the interest on solar loans also increases your all-in costs, so it's crucial to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you opt for to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies in Solvay, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $4,970 | 18.0 years |
| 8 kW | $3.01 | $16,850 | $6,958 | 17.7 years |
| 10 kW | $2.95 | $20,650 | $9,110 | 17.3 years |
| 12 kW | $2.89 | $24,284 | $11,428 | 17.0 years |
| 14 kW | $2.83 | $27,754 | $13,910 | 16.7 years |
| 16 kW | $2.77 | $31,058 | $16,558 | 16.3 years |
| 18 kW | $2.71 | $34,196 | $19,372 | 16.0 years |
| 20 kW | $2.66 | $37,170 | $22,350 | 15.6 years |
How to Save on Solar Panels
There are numerous companies to choose from in Solvay, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: The type of solar panel you want to install plays a part in which company you should opt for, since different companies provide different panels.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
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 Solvay, NY Solar Cost FAQs
How much does it cost to install solar panels in Solvay?
The average cost of solar panels in Solvay is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Solvay?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How will solar panels impact my property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Solvay is currently $107,542, which means you can expect a value of about $4,409 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Solvay is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out 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 home 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.