Solar Panel Cost Guide in Margaret, AL (Sep 2022)

  • Margaret Solar Installation Cost: $15,692
  • 25-Year Savings: $35,636
  • Payback Period: 7.6 Years

See cost of a solar system near you:

GET QUOTES
EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

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 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 $11,612 after 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 National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Size

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

Solar Incentives in Margaret

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Local Option- Property Tax Exemption for Renewable Energy Faclities
Website Visit here
More Info Click here

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 National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

The Green Panel

★★★★★
4.5

  • 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 precisely, because the cost depends on a few different factors. Broadly 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 be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.

Is it better to 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 don't have access to many solar incentives. Also your home 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.

Do solar panels increase the value of your home?

Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."

How long do solar panels last in Margaret?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to 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.

solar panel and sunny sky
Invest in clean solar energy, save thousands of dollars.

Save $$ on your electricity bill by getting a free quote today.

Follow us