Solar Panel Cost Guide in Elgin, OK (2025 Update)
- Elgin Solar Installation Cost: $17,820
- 25-Year Savings: $24,323
- Payback Period: 11.4 Years
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Average Cost of Solar Panels in Elgin
Find out how much it might cost to go solar in Elgin.
The average cost of a solar panel system in Elgin is 3 per watt.The average solar panel system size in Elgin is around 8.1 kilowatts, meaning a cost of about $17,820 for a solar installation, or $25,483 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Elgin homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find going solar is a fruitful investment. The average homeowner in Elgin can save about $18,000 on their power bills over 20 years.
To receive a free estimate from a top solar company in Elgin, you can click the button below.
Solar savings over time in Elgin
Year | Return on Investment |
---|---|
1 years | $-16,582 |
3 years | $-14,107 |
5 years | $-11,632 |
7 years | $-9,157 |
9 years | $-6,682 |
11 years | $-4,207 |
13 years | $-1,732 |
15 years | $743 |
17 years | $3,218 |
19 years | $5,693 |
21 years | $8,168 |
23 years | $10,643 |
25 years | $13,118 |
Top Solar Installers in Elgin
Trying to install solar panels by yourself can be a dangerous task, which is why using a solar installer is a good option for many homeowners. Another perk of going with a solar installer is that they can help you make the most of your investment by cutting back on future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Elgin
Factors that Affect Solar Panel Costs in Elgin
The cost of installing a solar system in Elgin can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Elgin, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by about $3,130 for each additional kilowatt you need.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Elgin to be too steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.Though solar loans make switching to solar energy more accessible for Elgin homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 panel installation company you select will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
---|---|---|---|---|
6 kW | $3.26 | $13,672 | $15,276 | 11.8 years |
8 kW | $3.19 | $17,879 | $20,718 | 11.6 years |
10 kW | $3.13 | $21,910 | $26,336 | 11.4 years |
12 kW | $3.07 | $25,766 | $32,129 | 11.1 years |
14 kW | $3.00 | $29,447 | $38,097 | 10.9 years |
16 kW | $2.94 | $32,953 | $44,240 | 10.7 years |
18 kW | $2.88 | $36,283 | $50,559 | 10.4 years |
20 kW | $2.82 | $39,438 | $57,053 | 10.2 years |
How to Save on Solar Panels
There are a large number of companies available in Elgin, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
EcoWatch's Elgin, OK Solar Cost FAQs
How much does it cost to install solar panels in Elgin?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $15,650 for a 5-kW system and $31,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Elgin, that will require at least a 10-kW system. Not all homes can accommodate 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 long do solar panels last in Elgin?
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 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.