Solar Panel Cost Guide in McGregor, FL (2024 Update)
- McGregor Solar Installation Cost: $12,004
- 25-Year Savings: $19,299
- Payback Period: 10.4 Years
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Average Cost of Solar Panels in McGregor
Let’s take a look at the average cost of solar panels in McGregor.
In McGregor, solar panels cost about 3 per watt on average.To account for the typical energy needs of the average home in McGregor, most homeowners require a 5.3-kilowatt system. Using the figure above, a solar installation costs about $12,004, or $17,166 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average energy use of McGregor homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $20,000 over 20 years on utility bills.
To get a free quote from a highly rated solar company in McGregor, you can click the button below.
Solar savings over time in McGregor
| Year | Return on Investment |
|---|---|
| 1 years | $-10,630 |
| 3 years | $-7,883 |
| 5 years | $-5,136 |
| 7 years | $-2,388 |
| 9 years | $359 |
| 11 years | $3,106 |
| 13 years | $5,853 |
| 15 years | $8,601 |
| 17 years | $11,348 |
| 19 years | $14,095 |
| 21 years | $16,842 |
| 23 years | $19,589 |
| 25 years | $22,337 |
Top Solar Installers in McGregor
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of a solar company can make swapping over to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you're on the hunt for a solar installer in McGregor, the EcoWatch team has organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in McGregor
Factors that Affect Solar Panel Costs in McGregor
There are a number of criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The brand of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions 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 for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many McGregor homeowners opt to finance their solar panel systems to make paying for solar more affordable.While solar loans make switching to solar energy more accessible for McGregor homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in McGregor is the company you get to install your solar system. Similar to choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services for different budgets.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 go with the company that provides the products, warranties and services you’re looking for and also fit into 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 | $3.34 | $14,021 | $18,280 | 10.9 years |
| 8 kW | $3.27 | $18,336 | $24,733 | 10.6 years |
| 10 kW | $3.21 | $22,470 | $31,366 | 10.4 years |
| 12 kW | $3.15 | $26,425 | $38,178 | 10.2 years |
| 14 kW | $3.08 | $30,200 | $45,170 | 10.0 years |
| 16 kW | $3.02 | $33,795 | $52,342 | 9.8 years |
| 18 kW | $2.95 | $37,210 | $59,694 | 9.6 years |
| 20 kW | $2.89 | $40,446 | $67,225 | 9.4 years |
How to Save on Solar Panels
There are a large number of companies to choose from in McGregor, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Solar Panel Brands: Different companies have various brands and types of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's McGregor, FL Solar Cost FAQs
What is the average cost of installing solar panels in McGregor?
The average cost of solar panels in McGregor is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind 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 McGregor?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure 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.
Does McGregor have a net metering program?
Most states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.