Solar Panel Cost Guide in Troy, MO (2024 Update)
- Troy Solar Installation Cost: $17,116
- 25-Year Savings: $16,132
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Troy
Find out what the average cost of a solar system is in Troy.
The average cost of a solar panel system in Troy is 3 per watt.To account for the typical energy usage of the average home in Troy, most homeowners require a 7.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,116, or $24,476 before the federal solar tax credit of 0 is applied.
The actual price you pay can be above or below the average in Troy based on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.Even with the high upfront cost, the average Troy homeowner can save about $15,000 on their energy bills over 20 years, which is one of the positives of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-15,825 |
| 3 years | $-13,244 |
| 5 years | $-10,663 |
| 7 years | $-8,082 |
| 9 years | $-5,501 |
| 11 years | $-2,919 |
| 13 years | $-338 |
| 15 years | $2,243 |
| 17 years | $4,824 |
| 19 years | $7,405 |
| 21 years | $9,986 |
| 23 years | $12,567 |
| 25 years | $15,149 |
Top Solar Installers in Troy
Installing solar panels yourself can be a difficult undertaking, which is why hiring a solar installer is a good option for many homeowners. The expertise that solar installers offer can be invaluable as well, especially if you aren’t sure what brand of solar equipment would be right for your home.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some near you:
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Troy
Factors that Affect Solar Panel Costs in Troy
For many Troy homeowners, the decision to adopt solar energy depends on 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 various factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Troy, one of the most crucial 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 determine by looking at past power bills. Your total cost can increase by about $3,370 for each additional kilowatt you need.The brand of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Troy homeowners choose to finance their solar panel systems to make going solar more affordable.While solar loans make adopting solar energy more accessible for Troy homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies in Troy, and each can charge varying amounts for labor and equipment.Additionally, some companies in Troy have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $3.50 | $14,720 | $9,498 | 15.2 years |
| 8 kW | $3.44 | $19,249 | $13,042 | 14.9 years |
| 10 kW | $3.37 | $23,590 | $16,774 | 14.6 years |
| 12 kW | $3.30 | $27,742 | $20,695 | 14.3 years |
| 14 kW | $3.24 | $31,705 | $24,804 | 14.0 years |
| 16 kW | $3.17 | $35,479 | $29,103 | 13.7 years |
| 18 kW | $3.10 | $39,065 | $33,590 | 13.4 years |
| 20 kW | $3.03 | $42,462 | $38,266 | 13.1 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. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project timeline.
- Warranty: If you’re worried about the longevity of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Long-standing 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 adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Even though reading through a contract can be tedious, it’s important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Troy, MO Solar Cost FAQs
What is the average cost of installing solar panels in Troy?
The average cost of solar panels in Troy is about $16,850 for a 5-kW system and $33,700 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
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 get a solar loan, but since you don’t own the system, you don’t have access to 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 financial benefits from going solar.
How much can I save on electricity bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Troy, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Though 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 decide to replace them once you've had them for that long or you can keep using 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.