Solar Panel Cost Guide in Carmel, NY (2024 Update)
- Carmel Solar Installation Cost: $11,042
- 25-Year Savings: $8,276
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Carmel
Find out how much it might cost to make the switch to solar in Carmel.
Although the national average of solar panels is $2.66 per watt, solar panels in Carmel typically cost about 4.Because a 4.3-kW system is needed to cover the energy costs of a typical home in Carmel, the average price of going solar will be about $11,042 after claiming the federal solar tax credit of 0.
These figures are only averages, and how much solar costs for you will most likely differ based on your energy needs and what company you go with.Despite the large upfront cost, the average Carmel homeowner can save around $15,000 on their power bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a top solar company in Carmel for a quote for your home.
Solar savings over time in Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-9,997 |
| 3 years | $-7,908 |
| 5 years | $-5,819 |
| 7 years | $-3,730 |
| 9 years | $-1,641 |
| 11 years | $448 |
| 13 years | $2,538 |
| 15 years | $4,627 |
| 17 years | $6,716 |
| 19 years | $8,805 |
| 21 years | $10,894 |
| 23 years | $12,983 |
| 25 years | $15,072 |
Top Solar Installers in Carmel
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with an installer can make your switch to solar power much easier. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
If you’d like to go solar but still aren’t certain which solar installer to go with, here are our suggestions for providers nearby:
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 Carmel
Factors that Affect Solar Panel Costs in Carmel
There are several criteria that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. 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 brand of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, 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 falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Carmel to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest.Even though solar loans make switching to solar energy more accessible for Carmel homeowners, they can also add to 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
Finally, the company you choose to install your solar system can play a part in determining your pricing. Carmel’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $7,937 | 16.7 years |
| 8 kW | $3.72 | $20,849 | $10,991 | 16.4 years |
| 10 kW | $3.65 | $25,550 | $14,250 | 16.0 years |
| 12 kW | $3.58 | $30,047 | $17,713 | 15.7 years |
| 14 kW | $3.50 | $34,339 | $21,381 | 15.4 years |
| 16 kW | $3.43 | $38,427 | $25,253 | 15.1 years |
| 18 kW | $3.36 | $42,311 | $29,329 | 14.8 years |
| 20 kW | $3.29 | $45,990 | $33,610 | 14.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
- Solar Panel Brands: Different companies offer different brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
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 Carmel, NY Solar Cost FAQs
How much does it cost to install solar panels in Carmel?
The average cost of solar panels in Carmel 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Carmel?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will installing solar panels impact how much my home is worth?
Solar panels can increase the value of your home remarkably 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% after installing a solar system."
How long do solar panels last in Carmel?
Although 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 their energy production will have decreased significantly after that point. You can decide to replace them once you've had 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.