Solar Panel Cost — Exactly How Much Are They?
Solar Panel Cost in Buffalo, NY
This is a very important question that, quite rightfully, is on most people’s minds if they understand and value the positive environmental impact of going green. Or, if they’re simply interested in lowering their living expenses as much as possible, with the goal of eliminating their electric bill altogether.
We’ll answer this question here with some real-life examples and figures that you can apply to your actual situation. Or, if you’d rather get an exact answer, specific to your family’s needs, you can call or email us and we’ll gladly do the math for you to calculate your solar panel cost in Buffalo.
Solar is an investment. It’s an investment in your home. It’s an investment in the future cost of electricity. It’s an investment in the well-being of our planet.
Solar is an investment in your family’s future.
When properly designed and built, solar will not cost you money. Solar will pay you a return on your investment in the form of free, green, “inflation-proof” electricity for decades to come.
Solar Panel Cost - The Math
Like all worthwhile investments, solar requires an upfront cost. While some customers choose to pay these costs in cash, most solar families take advantage of zero-down, low interest financing that is available for Go Solar WNY solar customers who have good credit.
Here are the costs associated with going solar and a real-life example that’s typical for our customers:
Gross Cost of Solar Array, including Installation: $23,305
NYSERDA NY-Sun Grant (Applied as a discount to customer): -$ 2,882
Net Cost of Solar Array, installed, after NY-Sun Grant discount: $20,423
Federal Income Tax Credit (26% of Gross Cost above): -$ 6,059
NY State Income Tax Credit (25% of Net Cost or $5k max): -$ 5,000
Final Cost to Example Customer to Install Solar on their home: $ 9,364
In this real-life example, this customer saves $1,138.06 per year in electrical expenses to their home. And they will never worry about rising electrical costs due to inflation. Do you think the cost of electricity is going to go up or down as our society comes to depend more and more on electricity in the coming years?
Pay Back Period
A popular metric in Solar Evaluation is your “Pay Back Period”. In other words, the period of time it will take for your solar investment to “break-even” and pay for itself with electrical savings. In the example above, the payback period is 8.23 years. We strive to show our customers a payback period of around 8 years. If we simply cannot due to their circumstances, then solar might not be the best investment for their situation. There are other ways to save money and help the planet!
How Long Will It Last?
This may be the best part. Solar arrays are designed to produce power for at least 25 years.
Even better, in this part of the country, where your solar panels are likely going to be dormant under a blanket of snow for a couple of months of the year, your solar panels are likely to produce abundantly for at least 30 years.
To this point, be sure to ask us about our 25 Year “Triple Guard” Warranty Program that protects your Solar Panels, Inverter equipment, and Labor for 25 years.
The Bottom Line…
In our real-life example — Solar Panel Cost:
- $9,364 upfront cost.
- $1,138 annual savings.
- 30 year expected lifetime of solar panels
That’s a total savings of $34,141.80 before considering inflation and the predicted price electric customers will pay for electricity in twenty to thirty years.