Solar Panel Cost Guide in Margaret, AL (2023 Update)
- Margaret Solar Installation Cost: $22,355
- 25-Year Savings: $35,634
- Payback Period: 10.9 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Margaret
We go over average solar pricing in Margaret.
The average cost of a solar panel system in Margaret is 3 per watt.The average solar panel system size in Margaret is around 9.2 kilowatts, meaning a cost of about $22,355 for a solar installation, or $31,968 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more.For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $21,000 in savings on energy bills over 20 years.
To receive a free quote from a vetted solar installer in Margaret, you can click the button below.
Solar savings over time in Margaret
| Year | Return on Investment |
|---|---|
| 1 years | $-20,507 |
| 3 years | $-16,812 |
| 5 years | $-13,117 |
| 7 years | $-9,422 |
| 9 years | $-5,727 |
| 11 years | $-2,032 |
| 13 years | $1,663 |
| 15 years | $5,359 |
| 17 years | $9,054 |
| 19 years | $12,749 |
| 21 years | $16,444 |
| 23 years | $20,139 |
| 25 years | $23,834 |
Top Solar Installers in Margaret
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar company can make your switch to solar power much easier. Solar warranties and repairs are typically included in the cost of installation when you go with a solar contractor as well, which can save you more money after your upfront investment.
If you’d like to switch to solar energy but still aren’t certain which solar system company to go with, here are our recommendations for providers in Margaret:
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
While the average cost of a solar system in Margaret is $22,355, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better 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.The type of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable choice because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.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
The solar installer you hire to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies in Margaret, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials 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 | $18,411 | 11.3 years |
| 8 kW | $3.56 | $19,935 | $24,938 | 11.1 years |
| 10 kW | $3.49 | $24,430 | $31,661 | 10.9 years |
| 12 kW | $3.42 | $28,730 | $38,580 | 10.7 years |
| 14 kW | $3.35 | $32,834 | $45,694 | 10.5 years |
| 16 kW | $3.28 | $36,743 | $53,004 | 10.2 years |
| 18 kW | $3.21 | $40,456 | $60,509 | 10.0 years |
| 20 kW | $3.14 | $43,974 | $68,209 | 9.8 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
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 hard question to answer precisely, because the cost depends on a variety of factors. Broadly 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 higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Margaret?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can you sell solar power back to the grid in Margaret?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.