Solar Panel Cost Guide in Spencer, IA (2024 Update)
- Spencer Solar Installation Cost: $27,181
- 25-Year Savings: $25,883
- Payback Period: 15.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Spencer
We break down average solar pricing in Spencer.
While the national average of solar panels is $2.66 per watt, solar panels in Spencer typically cost around 4.The average Spencer homeowner needs a 9.7-kilowatt system, which would cost about $27,181 with the federal tax credit, or $38,869 before the 0 tax credit is applied.
These figures are just averages, and how much solar costs for you may vary based on factors unique to your home and what company you want to go with.Despite the significant initial cost, the average Spencer homeowner can save around $18,000 on their power bills over 20 years, which is one of the benefits of solar.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Spencer
| Year | Return on Investment |
|---|---|
| 1 years | $-25,465 |
| 3 years | $-22,032 |
| 5 years | $-18,599 |
| 7 years | $-15,166 |
| 9 years | $-11,733 |
| 11 years | $-8,300 |
| 13 years | $-4,867 |
| 15 years | $-1,434 |
| 17 years | $1,999 |
| 19 years | $5,432 |
| 21 years | $8,865 |
| 23 years | $12,298 |
| 25 years | $15,731 |
Top Solar Installers in Spencer
When going solar, many homeowners prefer to use a solar installation company since overseeing your solar installation yourself can be a difficult project. Companies can also offer access to various kinds of the best solar panels and help you pick which one will be best for your home.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Spencer
Factors that Affect Solar Panel Costs in Spencer
Cost is often 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 Spencer: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $4,010. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bring your total well above the Spencer average.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a popular route because they lower your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also adds to your all-in costs, so it’s vital to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can influence your pricing. Spencer’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, 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 | $4.17 | $17,516 | $10,156 | 15.8 years |
| 8 kW | $4.09 | $22,905 | $13,990 | 15.5 years |
| 10 kW | $4.01 | $28,070 | $18,049 | 15.2 years |
| 12 kW | $3.93 | $33,010 | $22,332 | 14.9 years |
| 14 kW | $3.85 | $37,726 | $26,840 | 14.6 years |
| 16 kW | $3.77 | $42,217 | $31,573 | 14.3 years |
| 18 kW | $3.69 | $46,484 | $36,530 | 14.0 years |
| 20 kW | $3.61 | $50,526 | $41,712 | 13.7 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, such as:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Spencer, IA Solar Cost FAQs
What is the average cost of installing solar panels in Spencer?
The average cost of solar panels in Spencer is about $20,050 for a 5-kW system and $40,100 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Spencer?
A solar panel system isn’t free in Spencer, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $922.38 per year.
How long do solar panels last in Spencer?
On average, the lifespan of solar panels is 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 larger 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.