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

  • Waterloo Solar Installation Cost: $11,850
  • 25-Year Savings: $5,223
  • Payback Period: 20.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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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

Find out what the average cost of solar panel installation is in Waterloo.

The national average cost of solar panels is $2.66 per watt, but in Waterloo it’s 4 per watt.The average solar panel system size in Waterloo is around 4.6 kilowatts, meaning a cost of about $11,850 for a solar installation, or $16,946 before the 0 federal solar tax credit is applied.

The true cost of your system can go higher or lower than the average in Waterloo based on several factors, such as the brand of solar panels you choose and the solar company you hire.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Waterloo can save about $12,000 on their electricity bills over 20 years.

To see your potential savings and connect with a local solar company, click the button below.

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

Installing solar panels by yourself can be a challenging project, which is why hiring a solar installer is a good option for many homeowners. Another good thing about using a reputable solar installer is that it'll provide warranties and free repairs, which help protect your investment.

If you’d like to start using solar energy but still aren’t certain which solar system company to go with, here are our suggestions for providers near you:

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 for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Waterloo

Factors that Affect Solar Panel Costs in Waterloo

Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Waterloo: 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 installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $3,650 per kilowatt in Waterloo.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Waterloo to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to paying more over time because of interest.You’ll have to consider the long-term cost of financing options, including the total 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 finding a solar loan with a low APR could reduce your costs considerably.

Solar Panel Installation Company

A final factor to consider when trying to estimate the cost of solar for your home or business in Waterloo is the company you choose to install your solar system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that provide a range of services for different budgets.The company’s size sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.

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

There are a large number of companies to choose from in Waterloo, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:

  • Installation Process: When going solar, it’s essential to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the completion timeline.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before making your decision.
  • 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: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.

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 for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

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 $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.

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

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 option if you want to get the most savings.

Can solar panels eliminate my energy bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Waterloo, 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 what solar panel system size 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 typically 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.

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