Solar Panel Cost Guide in LaFayette, NY (2024 Update)
- LaFayette Solar Installation Cost: $11,835
- 25-Year Savings: $6,290
- Payback Period: 18.7 Years
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Average Cost of Solar Panels in LaFayette
Let’s take a look at the average cost of solar panels in LaFayette.
Although the national average of solar panels is $2.66 per watt, solar panels in LaFayette typically cost about 4.The average LaFayette homeowner needs a 4.6-kilowatt system, which would cost about $11,835 with the federal tax credit, or $16,924 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of installing solar panels can vary quite a bit based on a few factors, such as how many panels you need, your energy consumption and what installation company you go with.But, after you've paid the initial cost of installation, the savings for most homeowners is typically good, with a net average savings of about $13,000 over 20 years on electricity bills.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in LaFayette
| Year | Return on Investment |
|---|---|
| 1 years | $-10,954 |
| 3 years | $-9,192 |
| 5 years | $-7,430 |
| 7 years | $-5,668 |
| 9 years | $-3,905 |
| 11 years | $-2,143 |
| 13 years | $-381 |
| 15 years | $1,381 |
| 17 years | $3,143 |
| 19 years | $4,905 |
| 21 years | $6,667 |
| 23 years | $8,429 |
| 25 years | $10,191 |
Top Solar Installers in LaFayette
Although you can install solar panels yourself, it involves extra energy and expertise. That's why most people choose a solar panel installer. Some solar installers, particularly local ones, can help you take advantage of incentives in LaFayette, optimizing your ROI.
If you're searching for a solar company in LaFayette, we've organized a list of our top suggestions here:
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 LaFayette
Factors that Affect Solar Panel Costs in LaFayette
For many LaFayette homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in LaFayette, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar system in LaFayette, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $3,650 for each additional kilowatt you need.The type of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many LaFayette homeowners opt to finance their solar panel systems to offset upfront costs.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in LaFayette is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services for different budgets.Additionally, some companies in LaFayette know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, 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 | $4,595 | 19.4 years |
| 8 kW | $3.72 | $20,849 | $6,535 | 19.0 years |
| 10 kW | $3.65 | $25,550 | $8,680 | 18.7 years |
| 12 kW | $3.58 | $30,047 | $11,029 | 18.3 years |
| 14 kW | $3.50 | $34,339 | $13,582 | 17.9 years |
| 16 kW | $3.43 | $38,427 | $16,340 | 17.5 years |
| 18 kW | $3.36 | $42,311 | $19,303 | 17.2 years |
| 20 kW | $3.29 | $45,990 | $22,470 | 16.8 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your overall 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 consider, such as:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: When reading over your solar company’s contract, ask for clarification 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.
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 LaFayette, NY Solar Cost FAQs
How much does it cost to install solar panels in LaFayette?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in LaFayette?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.