Solar Panel Cost Guide in Waterloo, NY (Mar 2023)
- Waterloo Solar Installation Cost: $9,582
- 25-Year Savings: $5,218
- Payback Period: 16.2 Years
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Updated March 14, 2023
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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 2.95 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 $13,702 before 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 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 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 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 Waterloo, NY Solar Cost FAQs
How much does it cost to install 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 such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can 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.