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.
The national average cost of solar panels is $2.66 per watt, but in Elko it’s 3 per watt.The average solar panel system size in Elko is around 6.6 kilowatts, meaning a cost of about $14,257 for a solar installation, or $20,388 before the 0 federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will most likely vary based on your energy needs and what company you go with.Even with the large initial cost, the average Elko homeowner can save about $14,000 on their energy bills over 20 years, which is one of the benefits of solar.
To receive a free quote from a vetted solar installation 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
Installing solar panels on your own can be a time-consuming undertaking, which is why getting a solar installation company is a good option for many homeowners. Another great thing about using a vetted solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
If you're on the hunt for a solar installer in Elko, we've organized a list of our top suggestions here:
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Elko
Factors that Affect Solar Panel Costs in Elko
While the average cost of a solar system in Elko is $14,257, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $3,080 per kilowatt in Elko.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Elko, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Elko provide solar loans, which reduce your upfront costs of installing a solar system.Even though solar loans make switching to solar energy more accessible for Elko homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make 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 opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating in Elko, and each can charge different amounts for labor and equipment.You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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
Since the type of solar panels and the installer you choose considerably influences your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will have various brands and types of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
- Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Elko, NV Solar Cost FAQs
What is the average cost of installing solar panels in Elko?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $15,400 for a 5-kW system and $30,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
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 can further reduce the cost.
Do solar panels increase the value of your home?
Installing solar panels on 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 expect 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 fruitful investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption 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 cover 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.