Solar Panel Cost Guide in Hempstead, NY (2024 Update)
- Hempstead Solar Installation Cost: $9,833
- 25-Year Savings: $16,201
- Payback Period: 10.2 Years
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Average Cost of Solar Panels in Hempstead
Let’s take a look at the average cost of solar in Hempstead.
The national average cost of solar panels is $2.66 per watt, but in Hempstead it’s 4 per watt.The average Hempstead homeowner needs a 3.8-kilowatt system, which would cost about $9,833 with the federal tax credit, or $14,061 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of going solar can vary depending on several factors, such as how many panels you need, your energy usage and what installation company you go with.For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $24,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Hempstead
| Year | Return on Investment |
|---|---|
| 1 years | $-8,277 |
| 3 years | $-5,167 |
| 5 years | $-2,056 |
| 7 years | $1,054 |
| 9 years | $4,165 |
| 11 years | $7,276 |
| 13 years | $10,386 |
| 15 years | $13,497 |
| 17 years | $16,607 |
| 19 years | $19,718 |
| 21 years | $22,829 |
| 23 years | $25,939 |
| 25 years | $29,050 |
Top Solar Installers in Hempstead
Putting up solar panels on your own can be a challenging undertaking, which is why using a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance over the lifespan of your panels.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some 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 Hempstead
Factors that Affect Solar Panel Costs in Hempstead
For many Hempstead homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Hempstead, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.There are a lot of different solar panel brands and the one you pick also changes the cost. In many cases, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Hempstead, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can play a part in your total costs. There are about 3 solar panel companies in Hempstead, and each can charge varying amounts for labor and equipment.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that offers the products, warranties and services you want and also is within your budget.
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 | $21,705 | 10.6 years |
| 8 kW | $3.72 | $20,849 | $29,349 | 10.4 years |
| 10 kW | $3.65 | $25,550 | $37,198 | 10.2 years |
| 12 kW | $3.58 | $30,047 | $45,251 | 10.0 years |
| 14 kW | $3.50 | $34,339 | $53,508 | 9.8 years |
| 16 kW | $3.43 | $38,427 | $61,969 | 9.6 years |
| 18 kW | $3.36 | $42,311 | $70,635 | 9.4 years |
| 20 kW | $3.29 | $45,990 | $79,506 | 9.2 years |
How to Save on Solar Panels
There are a lot of 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:
- Installation Process: When making the switch to solar energy, it’s crucial to keep an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
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 Hempstead, NY Solar Cost FAQs
How much does it cost to install solar panels in Hempstead?
This is a hard question to answer precisely, because the cost depends on a variety of 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 cost more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Hempstead?
Leasing solar panels can be an attractive choice, because it commonly 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 get the most savings.
How will solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hempstead is currently $516,270, which means you can look forward to a value of about $21,167 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Hempstead is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.