Solar Panel Cost Guide in Loxley, AL (2024 Update)
- Loxley Solar Installation Cost: $20,933
- 25-Year Savings: $33,146
- Payback Period: 10.9 Years
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Average Cost of Solar Panels in Loxley
Let’s take a look at the average cost of solar panels in Loxley.
While the national average of solar panels is $2.66 per watt, solar panels in Loxley generally cost around 3.To cover the typical energy needs of the average home in Loxley, most homeowners require a 8.6-kilowatt system. Using the figure above, a solar installation costs around $20,933, or $29,934 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of solar system you want, your solar contractor and more.But, once 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 $21,000 over 20 years on utility bills.
Click the button below to get connected to a highly rated solar panel company in your area for a personalized estimate.
Solar savings over time in Loxley
| Year | Return on Investment |
|---|---|
| 1 years | $-19,189 |
| 3 years | $-15,700 |
| 5 years | $-12,210 |
| 7 years | $-8,721 |
| 9 years | $-5,232 |
| 11 years | $-1,743 |
| 13 years | $1,746 |
| 15 years | $5,235 |
| 17 years | $8,724 |
| 19 years | $12,214 |
| 21 years | $15,703 |
| 23 years | $19,192 |
| 25 years | $22,681 |
Top Solar Installers in Loxley
Trying to install solar panels on your own can be a difficult undertaking, which is why using a solar installation company is a good option for many homeowners. Solar warranties and repairs are typically included in the cost of installation when you opt for a solar company too, which can save you more money over time.
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 in Loxley:
See all of the solar companies in Loxley
Factors that Affect Solar Panel Costs in Loxley
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Loxley: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Loxley, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $3,490 for each additional kilowatt you need.There are many different solar panel brands and the one you choose also affects the cost. In many cases, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you choose 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
Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Loxley homeowners choose to finance their solar panel systems to make going solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Loxley is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for example, there’s no shortage of solar installers that provide a range of services at different price points.Additionally, some companies in Loxley know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $3.63 | $15,244 | $18,255 | 11.4 years |
| 8 kW | $3.56 | $19,935 | $24,731 | 11.2 years |
| 10 kW | $3.49 | $24,430 | $31,402 | 10.9 years |
| 12 kW | $3.42 | $28,730 | $38,269 | 10.7 years |
| 14 kW | $3.35 | $32,834 | $45,331 | 10.5 years |
| 16 kW | $3.28 | $36,743 | $52,588 | 10.3 years |
| 18 kW | $3.21 | $40,456 | $60,041 | 10.1 years |
| 20 kW | $3.14 | $43,974 | $67,690 | 9.8 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
EcoWatch's Loxley, AL Solar Cost FAQs
How much does it cost to install solar panels in Loxley?
The average cost of solar panels in Loxley is about $17,450 for a 5-kW system and $34,900 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Loxley?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback 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 incentives 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 your location 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 $1,116.64 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs 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 home 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.