Solar Panel Cost Guide in Waterford, NY (2023 Update)
- Waterford Solar Installation Cost: $9,259
- 25-Year Savings: $6,948
- Payback Period: 14.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Waterford
Find out what the average cost of a solar system is in Waterford.
The average cost of a solar system in Waterford is 2.95 per watt. Since a 4.5-kW system is needed to cover the energy usage of a typical home in Waterford, the average price of going solar will be about $9,251 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Waterford homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Despite the high upfront cost, the average Waterford homeowner can save around $14,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar company in Waterford for a custom estimate.
Solar savings over time in Waterford
| Year | Return on Investment |
|---|---|
| 1 years | $-8,351 |
| 3 years | $-6,534 |
| 5 years | $-4,717 |
| 7 years | $-2,899 |
| 9 years | $-1,082 |
| 11 years | $735 |
| 13 years | $2,552 |
| 15 years | $4,369 |
| 17 years | $6,186 |
| 19 years | $8,003 |
| 21 years | $9,821 |
| 23 years | $11,638 |
| 25 years | $13,455 |
Top Solar Installers in Waterford
Although you can install solar panels on your own, it involves extra energy and know-how. Because of that, most homeowners choose to go with a solar panel installer. A solar installer can also help save you money in the long run by providing warranties, repairs and part replacements.
If you'd like to make the switch to solar but still aren't certain which solar installer to go with, here are our suggestions for providers near you:
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 Waterford
Factors that Affect Solar Panel Costs in Waterford
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average 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
The size of the solar system you need for your home, 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. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your power bills. Additionally, add-on 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 a challenge. Solar loans are offered by most installers in Waterford, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your total costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies in Waterford, and each can charge varying amounts 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 at a higher cost. It's best to do some research and decide on the company that has the products, warranties and services you want and also fits 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 | $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
Since the kind 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:
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide good-quality solar panel installation and expertise.
- 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.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
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 Waterford, NY Solar Cost FAQs
How much does it cost to install solar panels in Waterford?
This is a tough 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 be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Waterford?
Leasing solar panels can be an appealing 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.
Can solar panels significantly reduce my electricity bills?
It is possible to eliminate 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 contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.