Solar Panel Cost Guide in Parma, NY (2024 Update)
- Parma Solar Installation Cost: $10,653
- 25-Year Savings: $8,214
- Payback Period: 15.8 Years
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Average Cost of Solar Panels in Parma
Let’s take a look at the average cost of solar panels in Parma.
The average cost of solar panels in Parma is 4 per watt.Since a 4.2-kW system is needed to cover the energy costs of a typical home in Parma, the average price of going solar will be about $10,653 after claiming the federal solar tax credit of 0.
Remember that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of equipment you want, your solar contractor and more.But, after you've paid the initial cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $15,000 over 20 years on utility bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Parma
| Year | Return on Investment |
|---|---|
| 1 years | $-9,745 |
| 3 years | $-7,929 |
| 5 years | $-6,113 |
| 7 years | $-4,297 |
| 9 years | $-2,481 |
| 11 years | $-665 |
| 13 years | $1,151 |
| 15 years | $2,967 |
| 17 years | $4,783 |
| 19 years | $6,599 |
| 21 years | $8,415 |
| 23 years | $10,231 |
| 25 years | $12,047 |
Top Solar Installers in Parma
When switching to solar energy, many homeowners prefer to hire a solar company since overseeing your solar installation yourself can be a time-consuming project. The payback period on a solar system will vary depending on factors like your roof configuration and energy usage, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Parma
Factors that Affect Solar Panel Costs in Parma
For many Parma homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Parma, 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
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 that have greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,650.The kind of 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. On the other hand, higher efficiency could save you more in the long run on your power bills. Additionally, extra products, like solar batteries, can bump up your total well above the Parma average.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your total costs, so it’s vital to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you pick will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $8,267 | 16.5 years |
| 8 kW | $3.72 | $20,849 | $11,432 | 16.1 years |
| 10 kW | $3.65 | $25,550 | $14,800 | 15.8 years |
| 12 kW | $3.58 | $30,047 | $18,374 | 15.5 years |
| 14 kW | $3.50 | $34,339 | $22,151 | 15.2 years |
| 16 kW | $3.43 | $38,427 | $26,133 | 14.9 years |
| 18 kW | $3.36 | $42,311 | $30,320 | 14.6 years |
| 20 kW | $3.29 | $45,990 | $34,711 | 14.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
- Contract: Before signing a contract with a solar company, make sure you read it through fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
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 Parma, NY Solar Cost FAQs
How much does it cost to install solar panels in Parma?
This is a difficult question to answer precisely, because the cost depends on a few different 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Parma?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase how much your 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% with a solar installation."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.