Solar Panel Cost Guide in Colonie, NY (2024 Update)
- Colonie Solar Installation Cost: $11,379
- 25-Year Savings: $6,870
- Payback Period: 17.7 Years
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Average Cost of Solar Panels in Colonie
Here’s how much it might cost to go solar in Colonie.
In Colonie, solar panels cost about 4 per watt on average.The average Colonie homeowner needs a 4.5-kilowatt system, which would cost about $11,379 with the federal tax credit, or $16,272 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what company you go with.But, once you've paid the upfront cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
To get a free estimate from a vetted solar company in Colonie, you can click the button below.
Solar savings over time in Colonie
| Year | Return on Investment |
|---|---|
| 1 years | $-10,478 |
| 3 years | $-8,676 |
| 5 years | $-6,874 |
| 7 years | $-5,072 |
| 9 years | $-3,270 |
| 11 years | $-1,467 |
| 13 years | $335 |
| 15 years | $2,137 |
| 17 years | $3,939 |
| 19 years | $5,741 |
| 21 years | $7,543 |
| 23 years | $9,345 |
| 25 years | $11,147 |
Top Solar Installers in Colonie
Trying to install solar panels yourself can be a challenging project, which is why using a solar installer is a good option for many homeowners. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Colonie
Factors that Affect Solar Panel Costs in Colonie
For many Colonie homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Colonie, 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
When it comes to estimating the price of a solar system in Colonie, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can determine by looking at past power bills. Your total cost can increase by about $3,650 for each additional kilowatt you need.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. Additionally, extra products, like solar batteries, can bump up your total well above the Colonie average.
Solar Financing Terms
Many homeowners find the average cost of solar in Colonie to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to higher prices over time because of interest.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Colonie is the company you get to install your solar system. Similar to choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that offer a range of services at different costs.The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater 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 names.
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 | $5,701 | 18.4 years |
| 8 kW | $3.72 | $20,849 | $8,011 | 18.1 years |
| 10 kW | $3.65 | $25,550 | $10,524 | 17.7 years |
| 12 kW | $3.58 | $30,047 | $13,242 | 17.4 years |
| 14 kW | $3.50 | $34,339 | $16,165 | 17.0 years |
| 16 kW | $3.43 | $38,427 | $19,292 | 16.6 years |
| 18 kW | $3.36 | $42,311 | $22,623 | 16.3 years |
| 20 kW | $3.29 | $45,990 | $26,159 | 15.9 years |
How to Save on Solar Panels
The solar panel company you opt for will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When reading through 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.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
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 Colonie, NY Solar Cost FAQs
How much does it cost to install solar panels in Colonie?
This is a hard question to answer precisely, because the cost depends on a variety of 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. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Colonie is currently $287,942, so you can expect a value of about $11,806 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Colonie is a fruitful investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out 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 household 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.