Solar Panel Cost Guide in Covington, LA (2024 Update)
- Covington Solar Installation Cost: $26,379
- 25-Year Savings: $26,670
- Payback Period: 14.8 Years
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Average Cost of Solar Panels in Covington
Let’s take a look at the average cost of solar panels in Covington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Covington, the typical cost of solar panels is 4 per watt.Using this figure, a typical 9.9-kW system would cost about $26,379 before the 0 federal solar tax credit is applied.
The actual price you pay can go higher or lower than the average in Covington based on several factors, such as the model of solar panels you choose and the solar company you hire.But, once you've paid the upfront cost of installation, the payback for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on utility bills.
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Solar savings over time in Covington
| Year | Return on Investment |
|---|---|
| 1 years | $-24,801 |
| 3 years | $-21,646 |
| 5 years | $-18,491 |
| 7 years | $-15,335 |
| 9 years | $-12,180 |
| 11 years | $-9,025 |
| 13 years | $-5,870 |
| 15 years | $-2,714 |
| 17 years | $441 |
| 19 years | $3,596 |
| 21 years | $6,751 |
| 23 years | $9,907 |
| 25 years | $13,062 |
Top Solar Installers in Covington
Installing solar panels by yourself can be a challenging task, which is why hiring a solar installation company is a good option for many homeowners. A solar installer can also help save you money over time by providing warranties, repairs and part replacements.
If you're looking for a solar installer in Covington, the EcoWatch team has put together a list of our top suggestions here:
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 Covington
Factors that Affect Solar Panel Costs in Covington
While the average cost of a solar system in Covington is $26,379, your final cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Covington, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by around $3,800 for each additional kilowatt you need.The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Covington to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.However, the interest on solar loans also adds to your all-in costs, so it’s crucial to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Covington is the company you choose to install your solar system. As with choosing a company to build a deck or pool, for instance, you’ll have many options for solar installers that provide a range of services at different price points.The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.95 | $16,598 | $10,332 | 15.4 years |
| 8 kW | $3.88 | $21,706 | $14,201 | 15.1 years |
| 10 kW | $3.80 | $26,600 | $18,284 | 14.8 years |
| 12 kW | $3.72 | $31,282 | $22,579 | 14.5 years |
| 14 kW | $3.65 | $35,750 | $27,087 | 14.2 years |
| 16 kW | $3.57 | $40,006 | $31,808 | 13.9 years |
| 18 kW | $3.50 | $44,050 | $36,741 | 13.6 years |
| 20 kW | $3.42 | $47,880 | $41,888 | 13.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will have different brands and types of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
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 Covington, LA Solar Cost FAQs
How much does it cost to install solar panels in Covington?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $19,000 for a 5-kW system and $38,000 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Covington?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase how much your home is worth?
Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Covington?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.