Solar Panel Cost Guide in Lima, NY (2024 Update)
- Lima Solar Installation Cost: $11,906
- 25-Year Savings: $6,800
- Payback Period: 18.1 Years
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Average Cost of Solar Panels in Lima
We break down average solar pricing in Lima.
In Lima, solar panels cost about 4 per watt on average.Using this figure, a typical 4.7-kW system would cost about $11,906 before the 0 federal solar tax credit is applied.
The actual price you pay can go above or below the average in Lima based on a few factors, such as the type of solar panels you choose and the solar installer you hire.For most homeowners, the upfront investment in solar panels is worth paying. On average Lima homeowners see about $13,000 in savings on energy bills over 20 years.
To receive a free estimate from a pre-vetted solar company in Lima, you can click the button below.
Solar savings over time in Lima
| Year | Return on Investment |
|---|---|
| 1 years | $-10,997 |
| 3 years | $-9,180 |
| 5 years | $-7,363 |
| 7 years | $-5,546 |
| 9 years | $-3,729 |
| 11 years | $-1,912 |
| 13 years | $-94 |
| 15 years | $1,723 |
| 17 years | $3,540 |
| 19 years | $5,357 |
| 21 years | $7,174 |
| 23 years | $8,991 |
| 25 years | $10,809 |
Top Solar Installers in Lima
Many homeowners opt for a solar installation company since installing solar panels by yourself can be challenging. Plus, if you’re unsure what brand of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
There are several licensed solar professionals that can help you install your solar system. 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 Lima
Factors that Affect Solar Panel Costs in Lima
The cost of installing a solar system in Lima can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar system in Lima, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can determine by looking at past power bills. Your total cost can increase by around $3,650 for each additional kilowatt you need.The kind of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider 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 into a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Lima homeowners decide to finance their solar panel systems to make going solar more affordable.You’ll have to consider the long-term cost of loans, 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 more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the growing popularity of sustainable energy solutions in Lima, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $5,203 | 18.8 years |
| 8 kW | $3.72 | $20,849 | $7,346 | 18.5 years |
| 10 kW | $3.65 | $25,550 | $9,693 | 18.1 years |
| 12 kW | $3.58 | $30,047 | $12,245 | 17.8 years |
| 14 kW | $3.50 | $34,339 | $15,001 | 17.4 years |
| 16 kW | $3.43 | $38,427 | $17,962 | 17.0 years |
| 18 kW | $3.36 | $42,311 | $21,127 | 16.7 years |
| 20 kW | $3.29 | $45,990 | $24,496 | 16.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Installation Process: When making the switch to solar energy, it’s essential to keep an open line of communication with your solar installer. See to it that you understand how the installation process works and the project timeline.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: If you’re worried about the longevity of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
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 Lima, NY Solar Cost FAQs
How much does it cost to install solar panels in Lima?
The average cost of solar panels in Lima 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 consume.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Lima have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future energy bills.
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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.