Solar Panel Cost Guide in Malden, MO (2023 Update)
- Malden Solar Installation Cost: $12,600
- 25-Year Savings: $19,410
- Payback Period: 9.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Malden
Find out how much it might cost to switch to solar power in Malden.
The national average cost of solar panels is $2.66 per watt, but in Malden it's 2.59 per watt. The average solar panel system size in Malden is around 7.0 kilowatts, meaning a cost of about $12,600 for a solar installation, or $18,018 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar panels you want to get, your solar contractor and more. Many homeowners find adopting solar power is a solid investment. The average homeowner in Malden can save around $17,000 on their electricity bills over 20 years.
To receive a free quote from a highly rated solar company in Malden, you can click the button below.
Solar savings over time in Malden
| Year | Return on Investment |
|---|---|
| 1 years | $-11,320 |
| 3 years | $-8,759 |
| 5 years | $-6,198 |
| 7 years | $-3,637 |
| 9 years | $-1,077 |
| 11 years | $1,484 |
| 13 years | $4,045 |
| 15 years | $6,606 |
| 17 years | $9,167 |
| 19 years | $11,728 |
| 21 years | $14,288 |
| 23 years | $16,849 |
| 25 years | $19,410 |
Top Solar Installers in Malden
When making the switch to solar, many homeowners prefer to hire a solar installation company since DIY solar panel installation can be a challenging project. Also, companies with a good reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Malden
Factors that Affect Solar Panel Costs in Malden
While the average cost of a solar system in Malden is $12,600, your actual cost may differ. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,590. There are many different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. It's wise to add 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 the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Malden, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $2.69 | $11,313 | $16,313 | 10.2 years |
| 8 kW | $2.64 | $14,794 | $22,040 | 10.0 years |
| 10 kW | $2.59 | $18,130 | $27,913 | 9.8 years |
| 12 kW | $2.54 | $21,321 | $33,931 | 9.6 years |
| 14 kW | $2.49 | $24,367 | $40,093 | 9.5 years |
| 16 kW | $2.43 | $27,268 | $46,401 | 9.3 years |
| 18 kW | $2.38 | $30,023 | $52,854 | 9.1 years |
| 20 kW | $2.33 | $32,634 | $59,452 | 8.9 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Solar Panel Brands: The kind of solar panel you'd like to install plays a role in which company you should opt for, since different companies have different panels.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Contract: Look through the contract terms closely to make sure you understand the total cost, completion timeline rebates and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Malden, MO Solar Cost FAQs
What is the average cost of installing solar panels in Malden?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly 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 extra solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Malden?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Can you sell solar power back to the grid in Malden?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can 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 account for 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.