Solar Panel Cost Guide in Waterford, NY (Feb 2023)
- Waterford Solar Installation Cost: $9,251
- 25-Year Savings: $6,956
- Payback Period: 14.3 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Waterford
Let's have a look at the average cost of solar in Waterford.
The average cost of a solar panel system in Waterford is $3 per watt. The average Waterford homeowner needs a 4.5-kilowatt system, which would cost about $9,251, or $6,846 after the federal solar tax credit of 30% is applied.
These figures are only estimates, and how much solar costs for you may look different based on the amount of energy your home requires and what company you choose to go with. Despite the significant upfront cost, the average Waterford homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a highly rated solar company in Waterford for a customized estimate.
Solar savings over time in Waterford
| Year | Return on Investment |
|---|---|
| 1 years | $-8,603 |
| 3 years | $-7,306 |
| 5 years | $-6,010 |
| 7 years | $-4,713 |
| 9 years | $-3,417 |
| 11 years | $-2,120 |
| 13 years | $-824 |
| 15 years | $473 |
| 17 years | $1,770 |
| 19 years | $3,066 |
| 21 years | $4,363 |
| 23 years | $5,659 |
| 25 years | $6,956 |
Top Solar Installers in Waterford
Installing solar panels on your own can be a stressful project, which is why hiring a solar installation company is a good option for many homeowners. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be best for your home.
If you're searching for a solar company in Waterford, we've compiled a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Waterford
Factors that Affect Solar Panel Costs in Waterford
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Waterford: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $2,950 per kilowatt in Waterford. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your power bills. Additionally, extra products, like solar batteries, can bump up your total well above the Waterford average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Waterford, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Waterford is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services at different price points. Additionally, some companies in Waterford are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $8,801 | 14.9 years |
| 8 kW | $3.01 | $16,850 | $12,065 | 14.6 years |
| 10 kW | $2.95 | $20,650 | $15,494 | 14.3 years |
| 12 kW | $2.89 | $24,284 | $19,088 | 14.0 years |
| 14 kW | $2.83 | $27,754 | $22,848 | 13.7 years |
| 16 kW | $2.77 | $31,058 | $26,772 | 13.4 years |
| 18 kW | $2.71 | $34,196 | $30,862 | 13.1 years |
| 20 kW | $2.66 | $37,170 | $35,118 | 12.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: Before you sign a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Waterford, NY Solar Cost FAQs
How much does it cost to install solar panels in Waterford?
This is a tough question to answer exactly, because the cost depends on many 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 more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a very important 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 keep in mind are the quality and durability of your solar panels.
How much can I save on power bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Waterford, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Waterford?
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 how much energy they produce will have decreased significantly after that point. You can choose to replace them after having 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.