Solar Panel Cost Guide in Waterloo, NY (Jan 2023)

  • Waterloo Solar Installation Cost: $9,582
  • 25-Year Savings: $5,218
  • Payback Period: 16.2 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Waterloo

See how much it might cost to go solar in Waterloo.

The national average cost of solar panels is $2.66 per watt, but in Waterloo it's $3 per watt. The average solar panel system size in Waterloo is around 4.6 kilowatts, meaning a cost of about $9,582 for a solar installation, or $7,091 after the 30% federal solar tax credit is applied.

Bear in mind that the figures above are only estimates based on the average energy use of Waterloo homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With average savings of about $12,000 on energy bills over 20 years, many homeowners in Waterloo find investing in solar can pay off big.

You can click the button below to get connected with a top solar installer in Waterloo for a quote for your home.

Solar savings over time in Waterloo

Year Return on Investment
1 years $-8,990
3 years $-7,806
5 years $-6,622
7 years $-5,438
9 years $-4,254
11 years $-3,070
13 years $-1,886
15 years $-702
17 years $482
19 years $1,666
21 years $2,850
23 years $4,034
25 years $5,218

Top Solar Installers in Waterloo

Although it's possible to install solar panels by yourself, it takes extra energy and handiness. For that reason, almost all homeowners choose a solar panel installer. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by providing warranties and repairs.

There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Waterloo

Factors that Affect Solar Panel Costs in Waterloo

For many Waterloo homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Waterloo, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.

Solar Equipment

When it comes to estimating the cost of a solar energy system in Waterloo, 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 consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,950 for each additional kilowatt you need. 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 choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the Waterloo average.

Solar Financing Terms

For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Waterloo, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.

Solar Panel Installation Company

A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Waterloo is the company you get to install your PV system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services at different costs. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk 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 $6,261 16.8 years
8 kW $3.01 $16,850 $8,678 16.5 years
10 kW $2.95 $20,650 $11,261 16.2 years
12 kW $2.89 $24,284 $14,009 15.9 years
14 kW $2.83 $27,754 $16,922 15.5 years
16 kW $2.77 $31,058 $20,000 15.2 years
18 kW $2.71 $34,196 $23,243 14.9 years
20 kW $2.66 $37,170 $26,652 14.6 years

How to Save on Solar Panels

The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:

  • Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
  • 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 component breaking or if the company goes out of business.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
  • Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Waterloo, NY Solar Cost FAQs

What is the average cost of installing solar panels in Waterloo?

The average cost of solar panels in Waterloo is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.

Is it better to lease or buy solar panels in Waterloo?

Leasing solar panels can be an attractive choice, because it commonly 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.

Can you sell solar power back to the grid in Waterloo?

Most states offer net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a 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 get 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.

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