Solar Panel Cost Guide in New Hyde Park, NY (2024 Update)
- New Hyde Park Solar Installation Cost: $9,833
- 25-Year Savings: $18,080
- Payback Period: 9.4 Years
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Average Cost of Solar Panels in New Hyde Park
Let’s take a look at the average cost of solar in New Hyde Park.
Although the national average of solar panels is $2.66 per watt, solar panels in New Hyde Park generally cost about 4.To account for the typical energy needs of the average home in New Hyde Park, most homeowners require a 3.8-kilowatt system. Using the figure above, a solar installation costs about $9,833, or $14,061 before the federal solar tax credit of 0 is applied.
These figures are only averages, and how much solar costs for you will look different based on the amount of energy your home requires and what company you go with.Even with the high initial cost, the average New Hyde Park homeowner can save about $26,000 on their energy bills over 20 years, which is one of the benefits of solar.
To get a free quote from a pre-vetted solar company in New Hyde Park, you can click the button below.
Solar savings over time in New Hyde Park
| Year | Return on Investment |
|---|---|
| 1 years | $-8,130 |
| 3 years | $-4,725 |
| 5 years | $-1,320 |
| 7 years | $2,085 |
| 9 years | $5,490 |
| 11 years | $8,895 |
| 13 years | $12,300 |
| 15 years | $15,705 |
| 17 years | $19,110 |
| 19 years | $22,515 |
| 21 years | $25,920 |
| 23 years | $29,325 |
| 25 years | $32,730 |
Top Solar Installers in New Hyde Park
Although it's possible to install solar panels yourself, it involves extra labor and know-how. For that reason, most homeowners choose a solar panel installer. Companies can also have access to quality options of the best solar panels and help you pick which one will be best for your home.
There are a number of 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 New Hyde Park
Factors that Affect Solar Panel Costs in New Hyde Park
There are many factors that can affect 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 panels.
Solar Equipment
When it comes to estimating the cost of a solar energy system in New Hyde Park, 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 usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $3,650 for each additional kilowatt you need.The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in New Hyde Park offer solar loans, which reduce the initial cost of installing solar panels.It’s wise to factor 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
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in New Hyde Park is the company you choose to install your PV system. Similar to choosing a company to renovate your kitchen, for example, you’ll have no shortage of solar installers that provide a range of services at different costs.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $24,636 | 9.8 years |
| 8 kW | $3.72 | $20,849 | $33,256 | 9.6 years |
| 10 kW | $3.65 | $25,550 | $42,081 | 9.4 years |
| 12 kW | $3.58 | $30,047 | $51,111 | 9.3 years |
| 14 kW | $3.50 | $34,339 | $60,344 | 9.1 years |
| 16 kW | $3.43 | $38,427 | $69,783 | 8.9 years |
| 18 kW | $3.36 | $42,311 | $79,425 | 8.7 years |
| 20 kW | $3.29 | $45,990 | $89,272 | 8.5 years |
How to Save on Solar Panels
The solar panel company you go with will affect 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: An all-inclusive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
- Contract: Before you sign a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: The model of solar panel you’d like to get plays a part in which installer you should choose, since different companies offer different panels.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
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 Hyde Park, NY Solar Cost FAQs
How much does it cost to install solar panels in New Hyde Park?
This is a tough question to answer exactly, because the cost depends on many 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 higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in New Hyde Park?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The downside 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.
Can you sell solar power back to the grid in New Hyde Park?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
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 larger 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.