Solar Panel Cost Guide in Newark Valley, NY (2024 Update)
- Newark Valley Solar Installation Cost: $11,808
- 25-Year Savings: $4,844
- Payback Period: 20.5 Years
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Average Cost of Solar Panels in Newark Valley
Let’s have a look at the average cost of solar in Newark Valley.
The national average cost of solar panels is $2.66 per watt, but in Newark Valley it’s 4 per watt.The average Newark Valley homeowner needs a 4.6-kilowatt system, which would cost about $11,808 with the federal tax credit, or $16,885 before the 0 tax credit is applied.
These figures are only averages, and how much solar costs for you will most likely vary based on your specific situation and what company you choose to go with.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually fruitful, with a net average savings of about $12,000 over 20 years on power bills.
You can click the button below to get connected with a top solar installer in Newark Valley that can help you get a more accurate cost estimate for your home.
Solar savings over time in Newark Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-10,982 |
| 3 years | $-9,331 |
| 5 years | $-7,679 |
| 7 years | $-6,027 |
| 9 years | $-4,375 |
| 11 years | $-2,723 |
| 13 years | $-1,071 |
| 15 years | $580 |
| 17 years | $2,232 |
| 19 years | $3,884 |
| 21 years | $5,536 |
| 23 years | $7,188 |
| 25 years | $8,840 |
Top Solar Installers in Newark Valley
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Hiring a solar panel installer can make your swap to solar power much easier. The expertise that solar companies provide can be valuable as well, especially if you aren’t sure what brand of solar equipment would be right for your home.
There are several licensed solar professionals that can help you install your solar panels. 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 Newark Valley
Factors that Affect Solar Panel Costs in Newark Valley
The cost of installing a solar system in Newark Valley can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest 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 Newark Valley, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by about $3,650 for each additional kilowatt you need.The kind of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions 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 researching a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Newark Valley provide solar loans, which reduce your upfront costs of installing solar.However, the interest on solar loans also increases your total costs, so it’s important to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can play a role in determining how much you pay. Newark Valley’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and better 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 discount can bring their pricing lower to compete with bigger companies.
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 | $2,735 | 21.3 years |
| 8 kW | $3.72 | $20,849 | $4,056 | 20.9 years |
| 10 kW | $3.65 | $25,550 | $5,581 | 20.5 years |
| 12 kW | $3.58 | $30,047 | $7,310 | 20.1 years |
| 14 kW | $3.50 | $34,339 | $9,244 | 19.7 years |
| 16 kW | $3.43 | $38,427 | $11,382 | 19.3 years |
| 18 kW | $3.36 | $42,311 | $13,724 | 18.9 years |
| 20 kW | $3.29 | $45,990 | $16,271 | 18.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the company 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 things to keep in mind to help with your decision:
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar installer. Make sure you understand how the installation process will go and the completion timeline.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
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 Newark Valley, NY Solar Cost FAQs
How much does it cost to install solar panels in Newark Valley?
The average cost of solar panels in Newark Valley is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy 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 after having them for that long or you can keep using 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.