Solar Panel Cost Guide in Elko, NV (2024 Update)
- Elko Solar Installation Cost: $14,257
- 25-Year Savings: $14,955
- Payback Period: 14.3 Years
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Average Cost of Solar Panels in Elko
Find out what the average cost of installing solar panels is in Elko.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elko, the typical cost of solar panels is 3 per watt.Because a 6.6-kW system is needed to cover the energy usage of a typical home in Elko, the average price of going solar will be about $14,257 after claiming the federal solar tax credit of 0.
The true cost of your system can go above or below the average in Elko based on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Elko see about $14,000 in savings on electricity bills over 20 years.
To get a free estimate from a vetted solar company in Elko, you can click the button below.
Solar savings over time in Elko
| Year | Return on Investment |
|---|---|
| 1 years | $-13,088 |
| 3 years | $-10,751 |
| 5 years | $-8,414 |
| 7 years | $-6,077 |
| 9 years | $-3,741 |
| 11 years | $-1,404 |
| 13 years | $933 |
| 15 years | $3,270 |
| 17 years | $5,607 |
| 19 years | $7,944 |
| 21 years | $10,281 |
| 23 years | $12,618 |
| 25 years | $14,955 |
Top Solar Installers in Elko
When switching to solar energy, many homeowners decide to go with a solar company since installing a solar system yourself can be a difficult project. Another great thing about choosing a vetted solar installer is that it'll provide warranties and free repairs, which help protect your solar investment.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some nearby:
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 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 a solar energy system 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 several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to install 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
If paying for solar panels out of pocket is out of reach, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your overall costs, so it’s crucial to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the massive popularity of sustainable energy solutions in Elko, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.20 | $13,453 | $9,156 | 14.9 years |
| 8 kW | $3.14 | $17,593 | $12,553 | 14.6 years |
| 10 kW | $3.08 | $21,560 | $16,122 | 14.3 years |
| 12 kW | $3.02 | $25,355 | $19,864 | 14.0 years |
| 14 kW | $2.96 | $28,977 | $23,778 | 13.7 years |
| 16 kW | $2.90 | $32,426 | $27,865 | 13.4 years |
| 18 kW | $2.83 | $35,703 | $32,125 | 13.2 years |
| 20 kW | $2.77 | $38,808 | $36,556 | 12.9 years |
How to Save on Solar Panels
There are many companies available in Elko, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: The kind of solar panel you need plays a part in which installer you should go with, since different companies have different panels.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
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 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 $15,400 for a 5-kW system and $30,800 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Elko?
You can’t get solar panels for free in Elko. 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’d prefer to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact the value of my home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Elko is currently $328,788, which means you can look forward to a value of about $13,480 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Elko is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage 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 buy 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.