Solar Panel Cost Guide in New Hempstead, NY (2024 Update)
- New Hempstead Solar Installation Cost: $10,838
- 25-Year Savings: $18,340
- Payback Period: 10.0 Years
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Average Cost of Solar Panels in New Hempstead
Here’s how much it might cost to switch to solar power in New Hempstead.
The national average cost of solar panels is $2.66 per watt, but in New Hempstead it’s 4 per watt.To cover the typical energy usage of the average home in New Hempstead, most homeowners require a 4.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $10,838, or $15,498 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average New Hempstead homeowner. The price 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 $24,000 on energy bills over 20 years, many homeowners in New Hempstead find investing in solar can be quite rewarding.
Click the button below to get connected to a vetted solar installer in your area for a personalized estimate.
Solar savings over time in New Hempstead
| Year | Return on Investment |
|---|---|
| 1 years | $-9,497 |
| 3 years | $-6,815 |
| 5 years | $-4,133 |
| 7 years | $-1,452 |
| 9 years | $1,230 |
| 11 years | $3,912 |
| 13 years | $6,594 |
| 15 years | $9,275 |
| 17 years | $11,957 |
| 19 years | $14,639 |
| 21 years | $17,320 |
| 23 years | $20,002 |
| 25 years | $22,684 |
Top Solar Installers in New Hempstead
When going solar, many homeowners decide to use a solar installer since DIY solar panel installation can be a challenging project. Solar warranties and repairs are usually included in the cost of installation when you go with a solar company too, which can save you more money over time.
If you’d like to go solar but still aren’t sure which solar system company to go with, here are our recommendations for providers in New Hempstead:
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 New Hempstead
Factors that Affect Solar Panel Costs in New Hempstead
The cost of installing a solar system in New Hempstead can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,650. The kind of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond 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 into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in New Hempstead to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest.When figuring out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in New Hempstead is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for example, you’ll have no shortage of solar installers that provide a range of services at different price points.The company’s size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $22,389 | 10.4 years |
| 8 kW | $3.72 | $20,849 | $30,260 | 10.2 years |
| 10 kW | $3.65 | $25,550 | $38,336 | 10.0 years |
| 12 kW | $3.58 | $30,047 | $46,617 | 9.8 years |
| 14 kW | $3.50 | $34,339 | $55,102 | 9.6 years |
| 16 kW | $3.43 | $38,427 | $63,791 | 9.4 years |
| 18 kW | $3.36 | $42,311 | $72,685 | 9.2 years |
| 20 kW | $3.29 | $45,990 | $81,783 | 9.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one sign of a good company.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component 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 New Hempstead, NY Solar Cost FAQs
What is the average cost of installing solar panels in New Hempstead?
The average cost of solar panels in New Hempstead 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in New Hempstead?
Leasing solar panels can be an attractive choice, because it usually 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Is it worth going solar in New Hempstead?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
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 are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.