Solar Panel Cost Guide in Troy, NY (2024 Update)
- Troy Solar Installation Cost: $11,657
- 25-Year Savings: $6,504
- Payback Period: 18.3 Years
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Average Cost of Solar Panels in Troy
We go over average solar pricing in Troy.
In Troy, solar panels cost about 4 per watt on average.The average Troy homeowner needs a 4.6-kilowatt system, which would cost about $11,657 with the federal tax credit, or $16,670 before the 0 tax credit is applied.
These figures are only averages, and the cost of going solar for you will most likely vary based on your energy needs and what company you want to go with.But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $13,000 over 20 years on power bills.
You can click the button below to get connected with a top solar company in Troy for a quote for your home.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-10,765 |
| 3 years | $-8,981 |
| 5 years | $-7,196 |
| 7 years | $-5,412 |
| 9 years | $-3,628 |
| 11 years | $-1,844 |
| 13 years | $-60 |
| 15 years | $1,724 |
| 17 years | $3,508 |
| 19 years | $5,292 |
| 21 years | $7,076 |
| 23 years | $8,860 |
| 25 years | $10,644 |
Top Solar Installers in Troy
Many homeowners decide to use a solar panel company since installing solar panels on your own can be time-consuming. Another good thing about going with a top solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
If you’d like to go solar but still aren’t certain which solar panel company 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 Troy
Factors that Affect Solar Panel Costs in Troy
Even though the average cost of a solar system in Troy is $11,657, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $3,650 per kilowatt in Troy.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Troy, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular route because they cut back your upfront costs and let you pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to 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 getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Troy is the company you choose to install your PV 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 price points.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 at a higher cost. It’s best to do some research and find a company that offers the products, warranties and services you want and also fits 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 | $5,001 | 19.0 years |
| 8 kW | $3.72 | $20,849 | $7,077 | 18.7 years |
| 10 kW | $3.65 | $25,550 | $9,357 | 18.3 years |
| 12 kW | $3.58 | $30,047 | $11,841 | 17.9 years |
| 14 kW | $3.50 | $34,339 | $14,530 | 17.6 years |
| 16 kW | $3.43 | $38,427 | $17,424 | 17.2 years |
| 18 kW | $3.36 | $42,311 | $20,522 | 16.8 years |
| 20 kW | $3.29 | $45,990 | $23,824 | 16.5 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: The brand of solar panel you want to get plays a part in which installer you should go with, since different companies provide different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can verify your installer’s reputation is by reading reviews.
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 Troy, NY Solar Cost FAQs
What is the average cost of installing solar panels in Troy?
This is a hard question to answer exactly, because the cost depends on many 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 higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider aside from cost 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.
Does Troy have a net metering program?
Most states have net metering programs of some kind. Through these, you can 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.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 install between 20 and 35 panels to account for 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.