Solar Panel Cost Guide in Saranac Lake, NY (2024 Update)
- Saranac Lake Solar Installation Cost: $12,090
- 25-Year Savings: $6,436
- Payback Period: 18.6 Years
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Average Cost of Solar Panels in Saranac Lake
Find out what the average cost of installing solar panels is in Saranac Lake.
The national average cost of solar panels is $2.66 per watt, but in Saranac Lake it’s 4 per watt.Since a 4.7-kW system is needed to cover the energy consumption of a typical home in Saranac Lake, the average price of going solar will be about $12,090 after claiming the federal solar tax credit of 0.
The true cost of your system can be above or below the average in Saranac Lake depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $13,000 in savings on energy bills over 20 years.
To receive a free estimate from a top solar company in Saranac Lake, you can click the button below.
Solar savings over time in Saranac Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,182 |
| 3 years | $-9,364 |
| 5 years | $-7,547 |
| 7 years | $-5,730 |
| 9 years | $-3,913 |
| 11 years | $-2,096 |
| 13 years | $-279 |
| 15 years | $1,538 |
| 17 years | $3,356 |
| 19 years | $5,173 |
| 21 years | $6,990 |
| 23 years | $8,807 |
| 25 years | $10,624 |
Top Solar Installers in Saranac Lake
Trying to put up solar panels yourself can be a stressful project, which is why using a solar installer is a good option for many homeowners. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
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 Saranac Lake
Factors that Affect Solar Panel Costs in Saranac Lake
Although the average cost of a solar system in Saranac Lake is $12,090, your final cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The model of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment consists of more than 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 for a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a solid option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your total costs, so it’s crucial to keep that in mind as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can influence your pricing. Saranac Lake’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have 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 | $4,607 | 19.4 years |
| 8 kW | $3.72 | $20,849 | $6,551 | 19.0 years |
| 10 kW | $3.65 | $25,550 | $8,700 | 18.6 years |
| 12 kW | $3.58 | $30,047 | $11,053 | 18.3 years |
| 14 kW | $3.50 | $34,339 | $13,611 | 17.9 years |
| 16 kW | $3.43 | $38,427 | $16,373 | 17.5 years |
| 18 kW | $3.36 | $42,311 | $19,339 | 17.2 years |
| 20 kW | $3.29 | $45,990 | $22,510 | 16.8 years |
How to Save on Solar Panels
There are a lot of companies available in Saranac Lake, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
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 Saranac Lake, NY Solar Cost FAQs
How much does it cost to install solar panels in Saranac Lake?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Saranac Lake?
Leasing solar panels can be an option if you can’t afford 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 property 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 bang for your buck from going solar.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.