Solar Panel Cost Guide in Lima, NY (2024 Update)
- Lima Solar Installation Cost: $11,906
- 25-Year Savings: $6,800
- Payback Period: 18.1 Years
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Average Cost of Solar Panels in Lima
We break down average solar pricing in Lima.
The national average cost of solar panels is $2.66 per watt, but in Lima it’s 4 per watt.The average Lima homeowner needs a 4.7-kilowatt system, which would cost about $11,906 with the federal tax credit, or $17,026 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more.But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $13,000 over 20 years on power bills.
Click the button below to get connected to a top solar installer in Lima for a custom estimate.
Solar savings over time in Lima
| Year | Return on Investment |
|---|---|
| 1 years | $-10,997 |
| 3 years | $-9,180 |
| 5 years | $-7,363 |
| 7 years | $-5,546 |
| 9 years | $-3,729 |
| 11 years | $-1,912 |
| 13 years | $-94 |
| 15 years | $1,723 |
| 17 years | $3,540 |
| 19 years | $5,357 |
| 21 years | $7,174 |
| 23 years | $8,991 |
| 25 years | $10,809 |
Top Solar Installers in Lima
Installing solar panels by yourself can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. Plus, if you aren’t sure what brand of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
You can get a free quote from a local solar installer on how much your investment in solar 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 Lima
Factors that Affect Solar Panel Costs in Lima
While the average cost of a solar system in Lima is $11,906, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the price of solar panels in Lima, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by around $3,650 for each additional kilowatt you need.The kind of solar equipment you choose can bring your price up or down 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. On the other hand, higher efficiency could save you more over time on your energy bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Lima average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lima to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.However, the interest on solar loans also adds to your total costs, so it’s important to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the growing popularity of clean energy solutions in Lima, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Lima have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $5,203 | 18.8 years |
| 8 kW | $3.72 | $20,849 | $7,346 | 18.5 years |
| 10 kW | $3.65 | $25,550 | $9,693 | 18.1 years |
| 12 kW | $3.58 | $30,047 | $12,245 | 17.8 years |
| 14 kW | $3.50 | $34,339 | $15,001 | 17.4 years |
| 16 kW | $3.43 | $38,427 | $17,962 | 17.0 years |
| 18 kW | $3.36 | $42,311 | $21,127 | 16.7 years |
| 20 kW | $3.29 | $45,990 | $24,496 | 16.3 years |
How to Save on Solar Panels
There are a large number of companies available in Lima, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
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 Lima, NY Solar Cost FAQs
What is the average cost of installing solar panels in Lima?
The average cost of solar panels in Lima is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Lima?
Most states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.