Solar Panel Cost Guide in Parma, NY (2024 Update)
- Parma Solar Installation Cost: $10,653
- 25-Year Savings: $8,214
- Payback Period: 15.8 Years
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Average Cost of Solar Panels in Parma
Let’s take a look at the average cost of solar panels in Parma.
The average cost of solar panels in Parma is 4 per watt.The average solar panel system size in Parma is around 4.2 kilowatts, meaning a cost of about $10,653 for a solar installation, or $15,234 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Parma homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For most homeowners, the upfront investment in solar is worth paying. On average Parma homeowners see about $15,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a reputable solar company in your area for a custom estimate.
Solar savings over time in Parma
| Year | Return on Investment |
|---|---|
| 1 years | $-9,745 |
| 3 years | $-7,929 |
| 5 years | $-6,113 |
| 7 years | $-4,297 |
| 9 years | $-2,481 |
| 11 years | $-665 |
| 13 years | $1,151 |
| 15 years | $2,967 |
| 17 years | $4,783 |
| 19 years | $6,599 |
| 21 years | $8,415 |
| 23 years | $10,231 |
| 25 years | $12,047 |
Top Solar Installers in Parma
Although it's possible to install solar panels on your own, it requires extra energy and knowledge. For that reason, most people choose to hire a solar panel installer. The payback period on an investment in solar panels will vary based on factors like your location and energy consumption, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
If you’d like to switch to solar energy but still aren’t certain which solar company to go with, here are our suggestions for providers in Parma:
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 Parma
Factors that Affect Solar Panel Costs in Parma
For many Parma homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Parma, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your home, 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. There are several different solar panel brands and the one you choose also changes the cost. Generally, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Parma to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time because of interest.Though solar loans make switching to solar energy more accessible for Parma homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you hire to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies in Parma, and each can charge varying amounts for labor and equipment.Additionally, some companies in Parma 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 | $8,267 | 16.5 years |
| 8 kW | $3.72 | $20,849 | $11,432 | 16.1 years |
| 10 kW | $3.65 | $25,550 | $14,800 | 15.8 years |
| 12 kW | $3.58 | $30,047 | $18,374 | 15.5 years |
| 14 kW | $3.50 | $34,339 | $22,151 | 15.2 years |
| 16 kW | $3.43 | $38,427 | $26,133 | 14.9 years |
| 18 kW | $3.36 | $42,311 | $30,320 | 14.6 years |
| 20 kW | $3.29 | $45,990 | $34,711 | 14.2 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Parma, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The kind of solar panel you’d like plays a role in which company you should choose, since different companies provide different panels.
- Reputation: Companies that have been in business for many years 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 over your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going 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 Parma, NY Solar Cost FAQs
What is the average cost of installing solar panels in Parma?
This is a tough question to answer precisely, 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 extra solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Parma?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How will installing solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Parma is currently $235,093, so you can look forward to a value of about $9,639 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Parma is a rewarding investment.
How long do solar panels last in Parma?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having 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.