Solar Panel Cost Guide in Spencer, IA (Jan 2023)

  • Spencer Solar Installation Cost: $18,770
  • 25-Year Savings: $25,889
  • Payback Period: 10.5 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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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 Spencer

We break down average solar pricing in Spencer.

The national average cost of solar panels is $2.66 per watt, but in Spencer it's $3 per watt. Because a 9.7-kW system is needed to cover the energy consumption of a typical home in Spencer, the average price of going solar will be about $18,770 before claiming the federal solar tax credit of 30%.

The true cost of your system can be above or below the average in Spencer based on several factors, such as the brand of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $18,000 over 20 years on power bills.

You can click the button below to get connected with a top solar installer in Spencer for a quote for your home.

Solar savings over time in Spencer

Year Return on Investment
1 years $-16,983
3 years $-13,410
5 years $-9,838
7 years $-6,265
9 years $-2,692
11 years $880
13 years $4,453
15 years $8,026
17 years $11,598
19 years $15,171
21 years $18,744
23 years $22,317
25 years $25,889

Top Solar Installers in Spencer

Trying to put up solar panels yourself can be a challenging project, which is why hiring a solar installation company is a good option for many homeowners. The payback period of solar panels will vary depending on factors like your location and energy use, but working with a solar company can shorten it. Your provider will be able to help you apply for incentives available in your area.

Working with a vetted solar installer can make going solar easier. Here are our recommendations:

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

Tesla Energy

★★★★★
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

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

See all of the solar companies in Spencer

Factors that Affect Solar Panel Costs in Spencer

For many Spencer homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Spencer, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment consists of 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 searching for a solar system that's in your budget.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Spencer, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in Spencer is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services for different budgets. Additionally, some companies in Spencer know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 $2.88 $12,099 $15,572 10.9 years
8 kW $2.83 $15,822 $21,073 10.7 years
10 kW $2.77 $19,390 $26,729 10.5 years
12 kW $2.71 $22,803 $32,540 10.3 years
14 kW $2.66 $26,060 $38,506 10.1 years
16 kW $2.60 $29,163 $44,628 9.9 years
18 kW $2.55 $32,110 $50,904 9.7 years
20 kW $2.49 $34,902 $57,336 9.5 years

How to Save on Solar Panels

Since the model of solar panels and the company you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations 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.
  • Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases provide good-quality solar panel installation and expertise.
  • Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.

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

Tesla Energy

★★★★★
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

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

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 $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.

Are solar panels free in Spencer?

You can't get solar panels for free in Spencer. However, you may still be able to get 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.

How much can I save on energy bills after switching to solar?

It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Spencer, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.

How many solar panels should I get to power my home?

To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.

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