Solar Panel Cost Guide in Horace, ND (2023 Update)
- Horace Solar Installation Cost: $29,940
- 25-Year Savings: $39,030
- Payback Period: 10.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Horace
Let's have a look at the average cost of solar panels in Horace.
The average cost of a solar panel system in Horace is 2.42 per watt. The average solar panel system size in Horace is around 17.7 kilowatts, meaning a cost of about $29,933 for a solar installation, or $42,804 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Horace homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $15,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Horace
| Year | Return on Investment |
|---|---|
| 1 years | $-28,637 |
| 3 years | $-26,032 |
| 5 years | $-23,428 |
| 7 years | $-20,823 |
| 9 years | $-18,218 |
| 11 years | $-15,613 |
| 13 years | $-13,009 |
| 15 years | $-10,404 |
| 17 years | $-7,799 |
| 19 years | $-5,194 |
| 21 years | $-2,589 |
| 23 years | $15 |
| 25 years | $2,620 |
Top Solar Installers in Horace
Many homeowners opt for a solar panel installer since installing solar panels by yourself can be time-consuming. Local solar companies can also help you optimize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Horace
Factors that Affect Solar Panel Costs in Horace
There are several factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of a solar system in Horace, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by around $2,420 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Horace, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Horace, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Horace have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $2.52 | $10,571 | $12,843 | 11.3 years |
| 8 kW | $2.47 | $13,823 | $17,395 | 11.1 years |
| 10 kW | $2.42 | $16,940 | $22,083 | 10.9 years |
| 12 kW | $2.37 | $19,921 | $26,906 | 10.6 years |
| 14 kW | $2.32 | $22,767 | $31,865 | 10.4 years |
| 16 kW | $2.27 | $25,478 | $36,959 | 10.2 years |
| 18 kW | $2.23 | $28,053 | $42,188 | 10.0 years |
| 20 kW | $2.18 | $30,492 | $47,554 | 9.8 years |
How to Save on Solar Panels
The company that does your solar system 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:
- Solar Panel Brands: The brand of solar panel you'd like to install plays a role in which company you should choose, since different companies have different panels.
- Contract: Before you sign a contract with a solar company, be sure to look it over fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide good-quality solar panel installation and expertise.
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 Horace, ND Solar Cost FAQs
What is the average cost of installing solar panels in Horace?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $12,100 for a 5-kW system and $24,200 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Horace?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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.
Does Horace have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future utility bills.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses 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 house 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.