Solar Panel Cost Guide in Troy, NY (2023 Update)
- Troy Solar Installation Cost: $9,416
- 25-Year Savings: $6,509
- Payback Period: 14.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Troy
Let's take a look at the average cost of solar in Troy.
Although the national average of solar panels is $2.66 per watt, solar panels in Troy typically cost around 2.95. The average Troy homeowner needs a 4.6-kilowatt system, which would cost about $9,416 with the federal tax credit, or $13,465 before the 30% tax credit is applied.
These figures are just averages, and the cost of going solar for you will look different based on the amount of energy your home requires and what company you go with. With typical savings of about $13,000 on energy bills over 20 years, many homeowners in Troy find going solar can be quite rewarding.
Click the button below to get connected to a reputable solar panel company in Troy for a customized estimate.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-8,779 |
| 3 years | $-7,505 |
| 5 years | $-6,231 |
| 7 years | $-4,957 |
| 9 years | $-3,683 |
| 11 years | $-2,409 |
| 13 years | $-1,135 |
| 15 years | $139 |
| 17 years | $1,413 |
| 19 years | $2,687 |
| 21 years | $3,961 |
| 23 years | $5,235 |
| 25 years | $6,509 |
Top Solar Installers in Troy
When switching to solar energy, many homeowners opt to use a solar installation company since putting up a solar system yourself can be a time-consuming project. Plus, if you aren't sure what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some nearby:
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 Troy
Factors that Affect Solar Panel Costs in Troy
For many Troy homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Troy, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use 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 of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
Most solar companies in Troy have solar loans, which reduce the initial cost of installing solar panels. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the growing popularity of clean energy solutions in Troy, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, 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 | $8,059 | 15.4 years |
| 8 kW | $3.01 | $16,850 | $11,075 | 15.1 years |
| 10 kW | $2.95 | $20,650 | $14,257 | 14.8 years |
| 12 kW | $2.89 | $24,284 | $17,604 | 14.5 years |
| 14 kW | $2.83 | $27,754 | $21,116 | 14.2 years |
| 16 kW | $2.77 | $31,058 | $24,793 | 13.9 years |
| 18 kW | $2.71 | $34,196 | $28,636 | 13.6 years |
| 20 kW | $2.66 | $37,170 | $32,644 | 13.3 years |
How to Save on Solar Panels
The solar panel company you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Contract: Although reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
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 Troy, NY Solar Cost FAQs
What is the average cost of installing solar panels in Troy?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly 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 other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Troy?
Leasing solar panels can be an attractive choice, because it usually 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 maximize your savings.
How will having solar panels impact the value of my home?
Solar panels can increase your home value significantly 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% after installing a solar system."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.