Solar Panel Cost Guide in Murphy, MO (2023 Update)
- Murphy Solar Installation Cost: $13,035
- 25-Year Savings: $17,888
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Murphy
Find out how much it might cost to make the switch to solar in Murphy.
The national average cost of solar panels is $2.66 per watt, but in Murphy it's 2.59 per watt. Because a 7.2-kW system is needed to cover the energy usage of a typical home in Murphy, the average price of going solar will be about $13,035 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and your own solar costs may look different based on factors unique to your home and what company you choose to go with. But, once you've paid the upfront cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $16,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar installer in Murphy for a quote for your home.
Solar savings over time in Murphy
| Year | Return on Investment |
|---|---|
| 1 years | $-11,799 |
| 3 years | $-9,325 |
| 5 years | $-6,851 |
| 7 years | $-4,377 |
| 9 years | $-1,903 |
| 11 years | $571 |
| 13 years | $3,045 |
| 15 years | $5,519 |
| 17 years | $7,993 |
| 19 years | $10,467 |
| 21 years | $12,940 |
| 23 years | $15,414 |
| 25 years | $17,888 |
Top Solar Installers in Murphy
Many homeowners decide to hire a solar panel installer since figuring out how to install solar panels by yourself can be challenging. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you'd like to switch to solar energy but still aren't sure which solar system installer to go with, here are our recommendations for providers in Murphy:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 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 is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation 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 several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Murphy offer solar loans, which reduce your upfront costs of installing solar panels. It's a good idea to add 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 how long it'll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can impact your pricing. Murphy's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Murphy are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $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 kind of solar panels and the company you choose significantly influences 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:
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project timeline rebates and warranties.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Murphy, MO Solar Cost FAQs
What is the average cost of installing solar panels in Murphy?
This is a tough question to answer exactly, because the cost depends on a few different 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Murphy?
You can't get solar panels for free in Murphy. However, you may still be able to afford 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.
Does Murphy have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of 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 get 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.