Solar Panel Cost Guide in Margaret, AL (2023 Update)
- Margaret Solar Installation Cost: $15,692
- 25-Year Savings: $35,636
- Payback Period: 7.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Margaret
Let's take a look at the average cost of solar in Margaret.
The national average cost of solar panels is $2.66 per watt, but in Margaret it's 2.45 per watt. The average solar panel system size in Margaret is around 9.2 kilowatts, meaning a cost of about $15,692 for a solar installation, or $22,440 before the 30% federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you may differ based on the amount of energy your home requires and what company you want to go with. For most homeowners, the upfront cost of solar is worth paying. On average Margaret homeowners see about $21,000 in savings on utility bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Margaret
| Year | Return on Investment |
|---|---|
| 1 years | $-13,639 |
| 3 years | $-9,533 |
| 5 years | $-5,427 |
| 7 years | $-1,320 |
| 9 years | $2,786 |
| 11 years | $6,892 |
| 13 years | $10,998 |
| 15 years | $15,104 |
| 17 years | $19,211 |
| 19 years | $23,317 |
| 21 years | $27,423 |
| 23 years | $31,529 |
| 25 years | $35,636 |
Top Solar Installers in Margaret
Although it's possible to install solar panels on your own, it requires extra energy and know-how. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. The expertise that solar companies provide can be valuable as well, particularly if you don't quite know what brand of solar equipment would be right for your home.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our recommendations for providers nearby:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Margaret
Factors that Affect Solar Panel Costs in Margaret
The cost of installing a solar system in Margaret can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay about $2,450 per kilowatt in Margaret. There are many different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also cost more. Plus, 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
If paying for a solar system out of pocket is too expensive, solar loans are a solid 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 financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Margaret, and each can charge varying amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — 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 choose a company that has the products, warranties and services you're looking for and also is 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 | $2.55 | $10,702 | $22,953 | 7.9 years |
| 8 kW | $2.50 | $13,994 | $30,879 | 7.8 years |
| 10 kW | $2.45 | $17,150 | $38,941 | 7.6 years |
| 12 kW | $2.40 | $20,168 | $47,141 | 7.5 years |
| 14 kW | $2.35 | $23,050 | $55,478 | 7.3 years |
| 16 kW | $2.30 | $25,794 | $63,953 | 7.2 years |
| 18 kW | $2.25 | $28,400 | $72,564 | 7.0 years |
| 20 kW | $2.21 | $30,870 | $81,313 | 6.9 years |
How to Save on Solar Panels
The solar installer you opt for will impact 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 take into account, including:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Margaret, AL Solar Cost FAQs
What is the average cost of installing solar panels in Margaret?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $12,250 for a 5-kW system and $24,500 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Margaret is currently $151,299, which means you could be looking at a value of about $6,203 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Margaret is a worthwhile investment.
How long do solar panels last in Margaret?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.