Solar Panel Cost Guide in Hamilton, AL (2024 Update)
- Hamilton Solar Installation Cost: $22,463
- 25-Year Savings: $35,917
- Payback Period: 10.9 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Hamilton
Find out what the average cost of installing solar panels is in Hamilton.
The national average cost of solar panels is $2.66 per watt, but in Hamilton it’s 3 per watt.The average solar panel system size in Hamilton is around 9.2 kilowatts, meaning a cost of about $22,463 for a solar installation, or $32,122 before the 0 federal solar tax credit is applied.
How much you pay can be above or below the average in Hamilton based on a variety of factors, such as the model of solar panels you choose and the solar company you hire.Even with the high initial cost, the average Hamilton homeowner can save around $21,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a pre-vetted solar installer in Hamilton that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hamilton
| Year | Return on Investment |
|---|---|
| 1 years | $-20,615 |
| 3 years | $-16,920 |
| 5 years | $-13,225 |
| 7 years | $-9,530 |
| 9 years | $-5,835 |
| 11 years | $-2,139 |
| 13 years | $1,556 |
| 15 years | $5,251 |
| 17 years | $8,946 |
| 19 years | $12,641 |
| 21 years | $16,336 |
| 23 years | $20,032 |
| 25 years | $23,727 |
Top Solar Installers in Hamilton
Many homeowners choose to use a solar installation company since figuring out how to install solar panels on your own can be a lot of work. In addition, if you’d like to maximize your investment in solar power, opting for a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some near you:
See all of the solar companies in Hamilton
Factors that Affect Solar Panel Costs in Hamilton
There are many criteria that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation require 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 $3,490.There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that are more efficient tend to also cost more. In addition, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are provided by most installers in Hamilton, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Hamilton is the company you hire to install your solar system. As with choosing a company to install new cabinets, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.63 | $15,244 | $18,483 | 11.3 years |
| 8 kW | $3.56 | $19,935 | $25,035 | 11.1 years |
| 10 kW | $3.49 | $24,430 | $31,782 | 10.9 years |
| 12 kW | $3.42 | $28,730 | $38,725 | 10.6 years |
| 14 kW | $3.35 | $32,834 | $45,863 | 10.4 years |
| 16 kW | $3.28 | $36,743 | $53,197 | 10.2 years |
| 18 kW | $3.21 | $40,456 | $60,726 | 10.0 years |
| 20 kW | $3.14 | $43,974 | $68,451 | 9.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the company 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 things to keep in mind to help with your decision:
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
EcoWatch's Hamilton, AL Solar Cost FAQs
What is the average cost of installing solar panels in Hamilton?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,450 for a 5-kW system and $34,900 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. 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 Hamilton?
Leasing solar panels can be an attractive choice, because it often comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,124.25 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.