Solar Panel Cost Guide in Murphy, MO (2023 Update)
- Murphy Solar Installation Cost: $13,027
- 25-Year Savings: $17,897
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Murphy
See how much it might cost to switch to solar power in Murphy.
The average cost of a solar system in Murphy is 2.59 per watt. Using this figure, a typical 7.2-kW system would cost about $13,035 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar system you choose, your solar contractor and more. But, after you've paid the initial cost of installation, the payback for most homeowners is quite fruitful, with a net average savings of about $16,000 over 20 years on electricity bills.
Click the button below to get connected to a highly rated solar panel company in Murphy for a personalized estimate.
Solar savings over time in Murphy
| Year | Return on Investment |
|---|---|
| 1 years | $-12,924 |
| 3 years | $-12,718 |
| 5 years | $-12,512 |
| 7 years | $-12,306 |
| 9 years | $-12,099 |
| 11 years | $-11,893 |
| 13 years | $-11,687 |
| 15 years | $-11,481 |
| 17 years | $-11,275 |
| 19 years | $-11,069 |
| 21 years | $-10,862 |
| 23 years | $-10,656 |
| 25 years | $-10,450 |
Top Solar Installers in Murphy
Although you can install solar panels yourself, it requires extra time and expertise. For that reason, the majority of homeowners choose a solar panel installer. Plus, if you're not certain what brand of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're looking for a solar installer in Murphy, the EcoWatch team has organized a list of our top suggestions here:
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 Murphy
Factors that Affect Solar Panel Costs in Murphy
The cost of installing a solar system in Murphy can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $2,590 per kilowatt in Murphy. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Murphy offer solar loans, which reduce the initial cost of installing a solar system. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can influence the cost. Murphy's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $14,509 | 11.0 years |
| 8 kW | $2.64 | $14,794 | $19,635 | 10.7 years |
| 10 kW | $2.59 | $18,130 | $24,907 | 10.5 years |
| 12 kW | $2.54 | $21,321 | $30,323 | 10.3 years |
| 14 kW | $2.49 | $24,367 | $35,885 | 10.1 years |
| 16 kW | $2.43 | $27,268 | $41,591 | 9.9 years |
| 18 kW | $2.38 | $30,023 | $47,443 | 9.7 years |
| 20 kW | $2.33 | $32,634 | $53,439 | 9.5 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose considerably impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Murphy, MO Solar Cost FAQs
How much does it cost to install solar panels in Murphy?
This is a tough question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider 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 places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $860.73 per year.
How long do solar panels last in Murphy?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to 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.