Solar Panel Cost Guide in Thompson, NY (2024 Update)
- Thompson Solar Installation Cost: $11,236
- 25-Year Savings: $8,869
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Thompson
We go over average solar pricing in Thompson.
The national average cost of solar panels is $2.66 per watt, but in Thompson it’s 4 per watt.The average Thompson homeowner needs a 4.4-kilowatt system, which would cost about $11,236 with the federal tax credit, or $16,067 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Thompson 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.With typical savings of about $16,000 on electricity bills over 20 years, many homeowners in Thompson find investing in solar can be quite rewarding.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Thompson
Year | Return on Investment |
---|---|
1 years | $-10,366 |
3 years | $-8,627 |
5 years | $-6,887 |
7 years | $-5,148 |
9 years | $-3,409 |
11 years | $-1,670 |
13 years | $70 |
15 years | $1,809 |
17 years | $3,548 |
19 years | $5,288 |
21 years | $7,027 |
23 years | $8,766 |
25 years | $10,506 |
Top Solar Installers in Thompson
Trying to put up solar panels by yourself can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Another upside of using a solar company is that they can help you optimize your return of investment by cutting back on future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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 Thompson
Factors that Affect Solar Panel Costs in Thompson
There are a number of criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Thompson, one of the most crucial 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 usage, which you can determine by looking at past electricity bills. Your total cost can increase by around $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 have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment is 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 searching for a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a popular choice because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years.While solar loans make adopting solar energy more accessible for Thompson homeowners, they can also increase 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
Finally, the company you choose to install your solar panels can impact your pricing. Thompson’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Thompson are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, 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 | $8,548 | 16.3 years |
8 kW | $3.72 | $20,849 | $11,806 | 16.0 years |
10 kW | $3.65 | $25,550 | $15,268 | 15.6 years |
12 kW | $3.58 | $30,047 | $18,935 | 15.3 years |
14 kW | $3.50 | $34,339 | $22,806 | 15.0 years |
16 kW | $3.43 | $38,427 | $26,881 | 14.7 years |
18 kW | $3.36 | $42,311 | $31,161 | 14.4 years |
20 kW | $3.29 | $45,990 | $35,646 | 14.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Warranty: If you care about the durability of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Before you sign a contract with a solar company, make sure you read it through fully 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.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
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 Thompson, NY Solar Cost FAQs
How much does it cost to install solar panels in Thompson?
This is a difficult 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 higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Thompson?
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 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 financial benefits from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t go 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."
How long do solar panels last in Thompson?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.