Solar Panel Cost Guide in Albany, NY (2024 Update)
- Albany Solar Installation Cost: $11,379
- 25-Year Savings: $6,794
- Payback Period: 17.8 Years
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Average Cost of Solar Panels in Albany
We break down average solar pricing in Albany.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Albany, the average cost of a solar system is 4 per watt.Using this figure, a typical 4.5-kW system would cost about $11,379 before the 0 federal solar tax credit is applied.
These figures are just averages, and your own solar costs may look different based on your energy needs and what company you want to go with.With average savings of about $14,000 on power bills over 20 years, many homeowners in Albany find investing in solar can pay off big.
You can click the button below to get connected with a top solar installer in Albany for a quote for your home.
Solar savings over time in Albany
| Year | Return on Investment |
|---|---|
| 1 years | $-10,474 |
| 3 years | $-8,663 |
| 5 years | $-6,853 |
| 7 years | $-5,042 |
| 9 years | $-3,232 |
| 11 years | $-1,421 |
| 13 years | $389 |
| 15 years | $2,200 |
| 17 years | $4,011 |
| 19 years | $5,821 |
| 21 years | $7,632 |
| 23 years | $9,442 |
| 25 years | $11,253 |
Top Solar Installers in Albany
Although you can install solar panels yourself, it requires extra effort and expertise. That's why the majority of homeowners choose a solar panel installer. A solar company can also help save you money in the long run by providing warranties, repairs and component replacements.
If you're looking for a solar company in Albany, the EcoWatch team has compiled a list of our top suggestions here:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Albany
Factors that Affect Solar Panel Costs in Albany
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Albany: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,650.There are several different solar panel brands and the one you pick also changes the cost. Generally, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you’re looking to install 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
If paying for solar panels out of pocket is out of reach, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Though solar loans make adopting solar energy more accessible for Albany homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you choose will influence your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk 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 | $5,599 | 18.5 years |
| 8 kW | $3.72 | $20,849 | $7,875 | 18.1 years |
| 10 kW | $3.65 | $25,550 | $10,354 | 17.8 years |
| 12 kW | $3.58 | $30,047 | $13,038 | 17.4 years |
| 14 kW | $3.50 | $34,339 | $15,927 | 17.1 years |
| 16 kW | $3.43 | $38,427 | $19,020 | 16.7 years |
| 18 kW | $3.36 | $42,311 | $22,317 | 16.4 years |
| 20 kW | $3.29 | $45,990 | $25,818 | 16.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Albany, NY Solar Cost FAQs
How much does it cost to install solar panels in Albany?
This is a tough 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 other solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels significantly reduce my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Albany, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Even 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 once you've had 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.