Solar Panel Cost Guide in Binghamton University, NY (2024 Update)
- Binghamton University Solar Installation Cost: $11,857
- 25-Year Savings: $4,529
- Payback Period: 21.0 Years
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Average Cost of Solar Panels in Binghamton University
Find out what the average cost of installing solar panels is in Binghamton University.
In Binghamton University, solar panels cost about 4 per watt on average.The average solar panel system size in Binghamton University is around 4.6 kilowatts, meaning a cost of about $11,857 for a solar installation, or $16,956 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary based on a few factors, such as how many panels you need, your energy usage and what installation company you go with.But, after you've paid the upfront cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $12,000 over 20 years on electricity bills.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Binghamton University
| Year | Return on Investment |
|---|---|
| 1 years | $-11,031 |
| 3 years | $-9,380 |
| 5 years | $-7,728 |
| 7 years | $-6,076 |
| 9 years | $-4,424 |
| 11 years | $-2,772 |
| 13 years | $-1,120 |
| 15 years | $531 |
| 17 years | $2,183 |
| 19 years | $3,835 |
| 21 years | $5,487 |
| 23 years | $7,139 |
| 25 years | $8,791 |
Top Solar Installers in Binghamton University
When switching to solar energy, many homeowners prefer to go with a solar installation company since installing a solar system yourself can be a difficult project. A solar company can also help save you money in the long run by providing warranties, repairs and system component replacements.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- 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
- 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 Binghamton University
Factors that Affect Solar Panel Costs in Binghamton University
For many Binghamton University homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Binghamton University, 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 panel system in Binghamton University, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by about $3,650 for each additional kilowatt you need.There are several different solar panel brands and the one you choose also affects the cost. Typically, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid option because they cut back your upfront costs and let you pay for your system over five to seven years on average.Though solar loans make switching to solar energy more accessible for Binghamton University homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Binghamton University, and each can charge varying amounts for labor and equipment.Additionally, some companies in Binghamton University have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $2,302 | 21.8 years |
| 8 kW | $3.72 | $20,849 | $3,479 | 21.4 years |
| 10 kW | $3.65 | $25,550 | $4,859 | 21.0 years |
| 12 kW | $3.58 | $30,047 | $6,444 | 20.6 years |
| 14 kW | $3.50 | $34,339 | $8,234 | 20.2 years |
| 16 kW | $3.43 | $38,427 | $10,228 | 19.7 years |
| 18 kW | $3.36 | $42,311 | $12,426 | 19.3 years |
| 20 kW | $3.29 | $45,990 | $14,829 | 18.9 years |
How to Save on Solar Panels
The solar installer you choose will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
Best National Provider
SunPower
- 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
- 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 Binghamton University, NY Solar Cost FAQs
How much does it cost to install solar panels in Binghamton University?
The average cost of solar panels in Binghamton University 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 type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Binghamton University?
You can’t get solar panels for free in Binghamton University. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Binghamton University is currently $232,353, so you could be looking at a value of about $9,526 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Binghamton University is a rewarding investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.