Solar Panel Cost Guide in Waterloo, NY (2024 Update)
- Waterloo Solar Installation Cost: $11,850
- 25-Year Savings: $5,223
- Payback Period: 20.0 Years
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Average Cost of Solar Panels in Waterloo
Find out what the average cost of solar panel installation is in Waterloo.
Although the national average of solar panels is $2.66 per watt, solar panels in Waterloo typically cost around 4.Because a 4.6-kW system is needed to cover the energy usage of a typical home in Waterloo, the average price of going solar will be about $11,850 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Waterloo homeowner. 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.With typical savings of about $12,000 on power bills over 20 years, many homeowners in Waterloo find installing solar panels has a decent ROI.
You can click the button below to get connected with a pre-vetted solar company in Waterloo that can help you get a more accurate cost estimate for your home.
Solar savings over time in Waterloo
| Year | Return on Investment |
|---|---|
| 1 years | $-11,024 |
| 3 years | $-9,372 |
| 5 years | $-7,720 |
| 7 years | $-6,068 |
| 9 years | $-4,417 |
| 11 years | $-2,765 |
| 13 years | $-1,113 |
| 15 years | $539 |
| 17 years | $2,191 |
| 19 years | $3,843 |
| 21 years | $5,495 |
| 23 years | $7,146 |
| 25 years | $8,798 |
Top Solar Installers in Waterloo
Many homeowners decide to hire a solar panel company since trying to install solar panels by yourself can be a labor-intensive endeavor. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you’d like to go solar but still aren’t sure which solar panel company to go with, here are our suggestions for providers nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Waterloo
Factors that Affect Solar Panel Costs in Waterloo
While the average cost of a solar system in Waterloo is $11,850, your final cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation require 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 $3,650.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Waterloo, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your all-in costs, so it’s crucial to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Waterloo, and each can charge varying amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $3,203 | 20.8 years |
| 8 kW | $3.72 | $20,849 | $4,680 | 20.4 years |
| 10 kW | $3.65 | $25,550 | $6,361 | 20.0 years |
| 12 kW | $3.58 | $30,047 | $8,246 | 19.6 years |
| 14 kW | $3.50 | $34,339 | $10,336 | 19.2 years |
| 16 kW | $3.43 | $38,427 | $12,630 | 18.8 years |
| 18 kW | $3.36 | $42,311 | $15,129 | 18.4 years |
| 20 kW | $3.29 | $45,990 | $17,832 | 18.0 years |
How to Save on Solar Panels
The solar panel company you go with will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Waterloo, NY Solar Cost FAQs
How much does it cost to install solar panels in Waterloo?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-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 Waterloo?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $638.22 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.