Solar Panel Cost Guide in Spencer, IA (2023 Update)
- Spencer Solar Installation Cost: $18,776
- 25-Year Savings: $25,883
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Spencer
We go over average solar pricing in Spencer.
While the national average of solar panels is $2.66 per watt, solar panels in Spencer typically cost around 2.77. The average Spencer homeowner needs a 9.7-kilowatt system, which would cost about $18,770 with the federal tax credit, or $26,841 before the 30% tax credit is applied.
The true cost of your system can be higher or lower than the average in Spencer based on a few factors, such as the model of solar panels you choose and the solar company you hire. Many homeowners find going solar is a fruitful investment. The average homeowner in Spencer can save about $18,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Spencer
| Year | Return on Investment |
|---|---|
| 1 years | $-18,627 |
| 3 years | $-18,329 |
| 5 years | $-18,032 |
| 7 years | $-17,734 |
| 9 years | $-17,436 |
| 11 years | $-17,138 |
| 13 years | $-16,841 |
| 15 years | $-16,543 |
| 17 years | $-16,245 |
| 19 years | $-15,948 |
| 21 years | $-15,650 |
| 23 years | $-15,352 |
| 25 years | $-15,054 |
Top Solar Installers in Spencer
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make converting to solar power much easier. Another benefit of using a solar installer is that they can help you maximize your ROI by reducing your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
If you're searching for a solar company in Spencer, we've put together a list of our top suggestions here:
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
There are a number of criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
Solar 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 gauge the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Spencer, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Spencer, which can reduce, 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 a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Spencer is the company you hire to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services for different budgets. Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: When looking 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 component breaking or the company going out of business.
- Solar Panel Brands: The brand of solar panel you need to get plays a role in which installer you should opt for, since different companies provide different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely 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 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 $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.