Solar Panel Cost Guide in Palmyra, KS (2023 Update)
- Palmyra Solar Installation Cost: $14,168
- 25-Year Savings: $28,008
- Payback Period: 8.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Palmyra
Find out what the average cost of solar panels are in Palmyra.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Palmyra, the typical cost of solar panels is 2.59 per watt. The average Palmyra homeowner needs a 7.8-kilowatt system, which would cost about $14,160 with the federal tax credit, or $20,249 before the 30% tax credit is applied.
The true price you pay can be higher or lower than the average in Palmyra based on a few factors, such as the type of solar panels you choose and the solar installer you hire. With average savings of about $21,000 on energy bills over 20 years, many homeowners in Palmyra find installing solar panels has a decent ROI.
Click the button below to get connected to a highly rated solar installer in Palmyra for a custom estimate.
Solar savings over time in Palmyra
| Year | Return on Investment |
|---|---|
| 1 years | $-12,784 |
| 3 years | $-10,016 |
| 5 years | $-7,248 |
| 7 years | $-4,480 |
| 9 years | $-1,712 |
| 11 years | $1,056 |
| 13 years | $3,823 |
| 15 years | $6,591 |
| 17 years | $9,359 |
| 19 years | $12,127 |
| 21 years | $14,895 |
| 23 years | $17,663 |
| 25 years | $20,431 |
Top Solar Installers in Palmyra
Installing solar panels on your own can be a difficult project, which is why hiring a solar installer is a good option for many homeowners. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Palmyra
Factors that Affect Solar Panel Costs in Palmyra
Cost is typically 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 Palmyra: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,590. 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. Furthermore, solar equipment goes beyond 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
Many homeowners find the average cost of solar in Palmyra to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies in Palmyra, and each can charge different amounts for labor and equipment. Additionally, some companies in Palmyra are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $2.69 | $11,313 | $21,070 | 8.7 years |
| 8 kW | $2.64 | $14,794 | $28,383 | 8.6 years |
| 10 kW | $2.59 | $18,130 | $35,841 | 8.4 years |
| 12 kW | $2.54 | $21,321 | $43,445 | 8.2 years |
| 14 kW | $2.49 | $24,367 | $51,193 | 8.1 years |
| 16 kW | $2.43 | $27,268 | $59,086 | 7.9 years |
| 18 kW | $2.38 | $30,023 | $67,125 | 7.7 years |
| 20 kW | $2.33 | $32,634 | $75,309 | 7.6 years |
How to Save on Solar Panels
There are many 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:
- Solar Panel Brands: The brand of solar panel you need plays a role in which company you should choose, since different companies have access to different panels.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Palmyra, KS Solar Cost FAQs
How much does it cost to install solar panels in Palmyra?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $12,950 for a 5-kW system and $25,900 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How will solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Palmyra is currently $175,522, which means you can expect a value of about $7,196 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Palmyra is a fruitful investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.