Solar Panel Cost Guide in Binghamton, NY (2024 Update)
- Binghamton Solar Installation Cost: $11,857
- 25-Year Savings: $4,873
- Payback Period: 20.5 Years
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Average Cost of Solar Panels in Binghamton
We go over average solar pricing in Binghamton.
The national average cost of solar panels is $2.66 per watt, but in Binghamton it’s 4 per watt.To account for the typical energy usage of the average home in Binghamton, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,857, or $16,956 before the federal solar tax credit of 0 is applied.
The true cost of your system can be above or below the average in Binghamton depending on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $12,000 in savings on utility bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Binghamton
| Year | Return on Investment |
|---|---|
| 1 years | $-11,031 |
| 3 years | $-9,380 |
| 5 years | $-7,728 |
| 7 years | $-6,076 |
| 9 years | $-4,424 |
| 11 years | $-2,772 |
| 13 years | $-1,120 |
| 15 years | $531 |
| 17 years | $2,183 |
| 19 years | $3,835 |
| 21 years | $5,487 |
| 23 years | $7,139 |
| 25 years | $8,791 |
Top Solar Installers in Binghamton
Installing solar panels by yourself can be a difficult task, which is why getting a solar installer is a good option for many homeowners. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you're searching for a solar installer in Binghamton, the EcoWatch team has put together a list of our top suggestions here:
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 Binghamton
Factors that Affect Solar Panel Costs in Binghamton
There are several factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use 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 brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Binghamton offer solar loans, which reduce your upfront costs of installing solar panels.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Binghamton is the company you choose to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that provide a range of services at different price points.Additionally, some companies in Binghamton know more about local solar incentives and can help you take advantage of 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 end up saving you 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 | $2,747 | 21.3 years |
| 8 kW | $3.72 | $20,849 | $4,071 | 20.9 years |
| 10 kW | $3.65 | $25,550 | $5,600 | 20.5 years |
| 12 kW | $3.58 | $30,047 | $7,333 | 20.1 years |
| 14 kW | $3.50 | $34,339 | $9,271 | 19.7 years |
| 16 kW | $3.43 | $38,427 | $11,413 | 19.3 years |
| 18 kW | $3.36 | $42,311 | $13,759 | 18.9 years |
| 20 kW | $3.29 | $45,990 | $16,310 | 18.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can research your installer’s reputation is by reading reviews.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts 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 Binghamton, NY Solar Cost FAQs
What is the average cost of installing solar panels in Binghamton?
The average cost of solar panels in Binghamton is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Does Binghamton have a net metering program?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity 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, 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 larger level 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.