Solar Panel Cost Guide in Elko, NV (Sep 2022)
- Elko Solar Installation Cost: $11,660
- 25-Year Savings: $13,258
- Payback Period: 11.7 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Elko
Let's take a look at the average cost of solar panels in Elko.
The national average cost of solar panels is $2.66 per watt, but in Elko it's $3 per watt. To account for the typical energy needs of the average home in Elko, most homeowners require a 6.6-kilowatt system. Using the figure above, a solar installation costs about $11,660, or $8,628 after the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of equipment you want to get, your solar contractor and more. With average savings of about $14,000 on utility bills over 20 years, many homeowners in Elko find installing solar panels can be quite rewarding.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Elko
| Year | Return on Investment |
|---|---|
| 1 years | $-10,663 |
| 3 years | $-8,670 |
| 5 years | $-6,676 |
| 7 years | $-4,683 |
| 9 years | $-2,690 |
| 11 years | $-696 |
| 13 years | $1,297 |
| 15 years | $3,291 |
| 17 years | $5,284 |
| 19 years | $7,278 |
| 21 years | $9,271 |
| 23 years | $11,265 |
| 25 years | $13,258 |
Top Solar Installers in Elko
Installing solar panels yourself can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. Plus, if you're not certain what brand of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
If you'd like to make the switch to solar but still aren't sure which solar installer to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Elko
Factors that Affect Solar Panel Costs in Elko
For many Elko homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Elko, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment Size
When it comes to estimating the price of solar panels in Elko, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $2,520 for each additional kilowatt you need. There are many different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Elko provide solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also increases your total costs, so it's vital to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Elko is the company you get to install your PV system. As with choosing a company to renovate your kitchen, for instance, you'll have many options for solar installers that offer a range of services at different costs. Additionally, some companies in Elko know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $2.62 | $11,007 | $11,602 | 12.2 years |
| 8 kW | $2.57 | $14,394 | $15,751 | 11.9 years |
| 10 kW | $2.52 | $17,640 | $20,042 | 11.7 years |
| 12 kW | $2.47 | $20,745 | $24,474 | 11.5 years |
| 14 kW | $2.42 | $23,708 | $29,047 | 11.2 years |
| 16 kW | $2.37 | $26,531 | $33,761 | 11.0 years |
| 18 kW | $2.32 | $29,212 | $38,616 | 10.8 years |
| 20 kW | $2.27 | $31,752 | $43,612 | 10.5 years |
Solar Incentives in Elko
| Name | Southwest Gas Corporation - Residential Energy Efficiency Rebate Program |
| Website | Visit here |
| More Info | Click here |
| Name | Southwest Gas Corporation - Smarter Greener Better Solar Water Heating Program |
| Website | Visit here |
| More Info | Click here |
| Name | NV Energy - Solar Thermal Heating Program |
| Website | Visit here |
| More Info | Click here |
| Name | NV Energy - Clean Energy Incentive Program |
| Website | Visit here |
| More Info | Click here |
| Name | Portfolio Energy Credits |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy 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.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Elko, NV Solar Cost FAQs
What is the average cost of installing solar panels in Elko?
The average cost of solar panels in Elko is about $12,600 for a 5-kW system and $25,200 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Elko?
A solar panel system isn't free in Elko, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Elko?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How long do solar panels last in Elko?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had 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.
