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
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Average Cost of Solar Panels in Spencer
We break down average solar pricing in Spencer.
Although 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.
The true cost of your system can be higher or lower than the average in Spencer based on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.Despite the large upfront cost, the average Spencer homeowner can save around $18,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar panel company in your area for a custom estimate.
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
Installing solar panels by yourself can be a challenging project, which is why getting a solar installer is a good option for many homeowners. Plus, if you aren’t sure what kind of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- 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
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
Even though the average cost of a solar system in Spencer is $27,181, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
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 a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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, more efficient panels could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the Spencer average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Spencer, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Spencer, and each can charge varying amounts for labor and equipment.Additionally, some companies in Spencer have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 company you opt for will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Reputation: Make sure your solar company 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 EcoWatch.
- Warranty: If you’re worried about the endurance of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best National Provider
SunPower
- 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
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 actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Spencer?
You can’t get solar panels for free in Spencer. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.