Solar Panel Cost Guide in Thompson, NY (2024 Update)
- Thompson Solar Installation Cost: $11,236
- 25-Year Savings: $8,869
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Thompson
We go over average solar pricing in Thompson.
In Thompson, solar panels cost about 4 per watt on average.To account for the typical energy usage of the average home in Thompson, most homeowners require a 4.4-kilowatt system. Using the figure above, a solar installation costs around $11,236, or $16,067 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy consumption, the type of solar panels you choose, your solar contractor and more.For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Thompson see about $16,000 in savings on utility 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 Thompson
| Year | Return on Investment |
|---|---|
| 1 years | $-10,366 |
| 3 years | $-8,627 |
| 5 years | $-6,887 |
| 7 years | $-5,148 |
| 9 years | $-3,409 |
| 11 years | $-1,670 |
| 13 years | $70 |
| 15 years | $1,809 |
| 17 years | $3,548 |
| 19 years | $5,288 |
| 21 years | $7,027 |
| 23 years | $8,766 |
| 25 years | $10,506 |
Top Solar Installers in Thompson
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar company can make your switch to solar power much easier. Also, if you’d like to maximize your investment in solar, using a solar installer can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives and net metering programs.
You can get a free quote from a local solar installer on how much your investment in solar 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 Thompson
Factors that Affect Solar Panel Costs in Thompson
There are a number of criteria that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Thompson, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $3,650 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Thompson, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Thompson, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.Even though solar loans make going solar more accessible for Thompson homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Thompson, you’ll have many options to choose from, but each comes at different price points for labor and equipment.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that provides the products, warranties and services you’re looking for 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 | $3.80 | $15,943 | $8,548 | 16.3 years |
| 8 kW | $3.72 | $20,849 | $11,806 | 16.0 years |
| 10 kW | $3.65 | $25,550 | $15,268 | 15.6 years |
| 12 kW | $3.58 | $30,047 | $18,935 | 15.3 years |
| 14 kW | $3.50 | $34,339 | $22,806 | 15.0 years |
| 16 kW | $3.43 | $38,427 | $26,881 | 14.7 years |
| 18 kW | $3.36 | $42,311 | $31,161 | 14.4 years |
| 20 kW | $3.29 | $45,990 | $35,646 | 14.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on 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:
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar company. Make sure you understand how the installation process will go and the project timeline.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
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 Thompson, NY Solar Cost FAQs
How much does it cost to install solar panels in Thompson?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Thompson?
Leasing solar panels can be an option if you can’t pay upfront or secure 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 savings from going solar.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Thompson is currently $256,545, which means you could be looking at a value of about $10,518 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Thompson is a worthwhile investment.
How long do solar panels last in Thompson?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.