Solar Panel Cost Guide in Thompson, NY (2023 Update)
- Thompson Solar Installation Cost: $9,086
- 25-Year Savings: $8,864
- Payback Period: 12.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Thompson
Find out how much it might cost to install solar panels in Thompson.
While the national average of solar panels is $2.66 per watt, solar panels in Thompson typically cost around 2.95. Using this figure, a typical 4.4-kW system would cost about $9,086 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what solar installer you go with. Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Thompson can save about $16,000 on their electricity bills over 20 years.
To receive a free quote from a highly rated solar installation company in Thompson, you can click the button below.
Solar savings over time in Thompson
| Year | Return on Investment |
|---|---|
| 1 years | $-8,368 |
| 3 years | $-6,932 |
| 5 years | $-5,496 |
| 7 years | $-4,060 |
| 9 years | $-2,624 |
| 11 years | $-1,188 |
| 13 years | $248 |
| 15 years | $1,684 |
| 17 years | $3,120 |
| 19 years | $4,556 |
| 21 years | $5,992 |
| 23 years | $7,428 |
| 25 years | $8,864 |
Top Solar Installers in Thompson
When switching to solar energy, many homeowners prefer to hire a solar company since putting up a solar system yourself can be a difficult project. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
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 Thompson
Factors that Affect Solar Panel Costs in Thompson
The cost of installing a solar system in Thompson can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, 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 nearly $2,950. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Thompson, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, 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
Many homeowners find the average cost of solar in Thompson to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. However, the interest on solar loans also increases your all-in costs, so it's important to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Thompson is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services for different budgets. You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $11,605 | 13.2 years |
| 8 kW | $3.01 | $16,850 | $15,804 | 12.9 years |
| 10 kW | $2.95 | $20,650 | $20,168 | 12.6 years |
| 12 kW | $2.89 | $24,284 | $24,697 | 12.4 years |
| 14 kW | $2.83 | $27,754 | $29,391 | 12.1 years |
| 16 kW | $2.77 | $31,058 | $34,251 | 11.9 years |
| 18 kW | $2.71 | $34,196 | $39,276 | 11.6 years |
| 20 kW | $2.66 | $37,170 | $44,466 | 11.4 years |
How to Save on Solar Panels
The solar company you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- 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 kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
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 Thompson, NY Solar Cost FAQs
What is the average cost of installing solar panels in Thompson?
The average cost of solar panels in Thompson 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 things such as the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places 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.
Can solar panels completely eradicate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Thompson, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Thompson?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using 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.