Solar Panel Cost Guide in Elma, NY (2024 Update)
- Elma Solar Installation Cost: $11,696
- 25-Year Savings: $5,582
- Payback Period: 19.4 Years
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Average Cost of Solar Panels in Elma
Here’s how much it might cost to go solar in Elma.
While the national average of solar panels is $2.66 per watt, solar panels in Elma typically cost around 4.Using this figure, a typical 4.6-kW system would cost about $11,696 before the 0 federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you will most likely differ based on your energy needs and what company you go with.For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Elma see about $12,000 in savings on utility bills over 20 years.
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 Elma
| Year | Return on Investment |
|---|---|
| 1 years | $-10,870 |
| 3 years | $-9,218 |
| 5 years | $-7,566 |
| 7 years | $-5,914 |
| 9 years | $-4,263 |
| 11 years | $-2,611 |
| 13 years | $-959 |
| 15 years | $693 |
| 17 years | $2,345 |
| 19 years | $3,997 |
| 21 years | $5,648 |
| 23 years | $7,300 |
| 25 years | $8,952 |
Top Solar Installers in Elma
Many homeowners choose to hire a solar installation company since installing solar panels by yourself can be a labor-intensive endeavor. Also, if you’d like to maximize your investment in solar, using a solar company can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 Elma
Factors that Affect Solar Panel Costs in Elma
There are a number of criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Elma, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Elma to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time due to interest.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can impact the cost. Elma’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that offers the products, warranties and services you want and also fits within your budget.
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 | $3,763 | 20.2 years |
| 8 kW | $3.72 | $20,849 | $5,426 | 19.8 years |
| 10 kW | $3.65 | $25,550 | $7,293 | 19.4 years |
| 12 kW | $3.58 | $30,047 | $9,365 | 19.1 years |
| 14 kW | $3.50 | $34,339 | $11,641 | 18.7 years |
| 16 kW | $3.43 | $38,427 | $14,122 | 18.3 years |
| 18 kW | $3.36 | $42,311 | $16,807 | 17.9 years |
| 20 kW | $3.29 | $45,990 | $19,696 | 17.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: When looking over your solar company’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 part breaking or if the company goes out of business.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: Different companies offer different brands and models of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
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 Elma, NY Solar Cost FAQs
What is the average cost of installing solar panels in Elma?
This is a hard question to answer precisely, because the cost depends on a few different 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Elma?
Leasing solar panels can be an attractive choice, as it often 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 way to go if you want to get the most savings.
How much can I save on power bills after switching to solar?
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 $656.86 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out 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 household 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.