Solar Panel Cost Guide in Springville, NY (2023 Update)
- Springville Solar Installation Cost: $9,453
- 25-Year Savings: $6,051
- Payback Period: 15.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Springville
Find out what the average cost of solar panels are in Springville.
Although the national average of solar panels is $2.66 per watt, solar panels in Springville generally cost about 2.95. To account for the typical energy needs of the average home in Springville, most homeowners require a 4.6-kilowatt system. Using the figure above, a solar installation costs around $9,458, or $13,525 before the federal solar tax credit of 30% is applied.
The actual price you pay can go higher or lower than the average in Springville based on a few factors, such as the type of solar panels you choose and the solar company you hire. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Springville can save around $13,000 on their electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Springville
| Year | Return on Investment |
|---|---|
| 1 years | $-8,627 |
| 3 years | $-6,975 |
| 5 years | $-5,323 |
| 7 years | $-3,671 |
| 9 years | $-2,020 |
| 11 years | $-368 |
| 13 years | $1,284 |
| 15 years | $2,936 |
| 17 years | $4,588 |
| 19 years | $6,240 |
| 21 years | $7,891 |
| 23 years | $9,543 |
| 25 years | $11,195 |
Top Solar Installers in Springville
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar company can make switching to solar power much easier. Some solar installers, particularly local ones, can help you better understand incentives in Springville, thereby optimizing your ROI.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 Springville
Factors that Affect Solar Panel Costs in Springville
There are a number of factors that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,950. There are several different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Springville homeowners decide to finance their solar panel systems to make paying for solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the growing popularity of green energy solutions in Springville, you'll have many options to choose from, but each comes at various price points for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that has the products, warranties and services you want and also is within your budget.
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 | $7,435 | 15.9 years |
| 8 kW | $3.01 | $16,850 | $10,244 | 15.5 years |
| 10 kW | $2.95 | $20,650 | $13,218 | 15.2 years |
| 12 kW | $2.89 | $24,284 | $16,357 | 14.9 years |
| 14 kW | $2.83 | $27,754 | $19,661 | 14.6 years |
| 16 kW | $2.77 | $31,058 | $23,130 | 14.3 years |
| 18 kW | $2.71 | $34,196 | $26,765 | 14.0 years |
| 20 kW | $2.66 | $37,170 | $30,565 | 13.7 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose greatly affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Review the contract terms carefully to make sure you understand the total cost, project timeline incentives and warranties.
- 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 service, such as part repairs and replacements.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
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 Springville, NY Solar Cost FAQs
How much does it cost to install solar panels in Springville?
This is a hard question to answer precisely, 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Springville?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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.