Solar Panel Cost Guide in Troy, MO (2023 Update)
- Troy Solar Installation Cost: $13,154
- 25-Year Savings: $16,132
- Payback Period: 11.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Troy
We go over average solar pricing in Troy.
The average cost of solar panels in Troy is 2.59 per watt. The average solar panel system size in Troy is around 7.3 kilowatts, meaning a cost of about $13,162 for a solar installation, or $18,822 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy usage and what company you go with. But, after you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $15,000 over 20 years on utility bills.
You can click the button below to get connected with a top solar installer in Troy that can help you get a more accurate cost estimate for your home.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-11,864 |
| 3 years | $-9,282 |
| 5 years | $-6,701 |
| 7 years | $-4,120 |
| 9 years | $-1,539 |
| 11 years | $1,042 |
| 13 years | $3,623 |
| 15 years | $6,204 |
| 17 years | $8,786 |
| 19 years | $11,367 |
| 21 years | $13,948 |
| 23 years | $16,529 |
| 25 years | $19,110 |
Top Solar Installers in Troy
Many homeowners choose to use a solar installer since trying to put up solar panels on your own can be a labor-intensive endeavor. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you'd like to start using solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers near you:
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 Troy
Factors that Affect Solar Panel Costs in Troy
For many Troy homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Troy, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar system in Troy, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by around $2,590 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can increase or decrease 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater 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
Most solar installers in Troy provide solar loans, which reduce your upfront costs of installing solar panels. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can play a part in determining your pricing. Troy's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Troy have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $12,905 | 11.7 years |
| 8 kW | $2.64 | $14,794 | $17,497 | 11.5 years |
| 10 kW | $2.59 | $18,130 | $22,234 | 11.2 years |
| 12 kW | $2.54 | $21,321 | $27,116 | 11.0 years |
| 14 kW | $2.49 | $24,367 | $32,143 | 10.8 years |
| 16 kW | $2.43 | $27,268 | $37,315 | 10.6 years |
| 18 kW | $2.38 | $30,023 | $42,632 | 10.3 years |
| 20 kW | $2.33 | $32,634 | $48,094 | 10.1 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: Before signing a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- 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 system is installed, such as updating your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Troy, MO Solar Cost FAQs
What is the average cost of installing solar panels in Troy?
This is a hard question to answer precisely, because the cost depends on a few different 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Troy?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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 Troy?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future electricity 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?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.