Solar Panel Cost Guide in Elk City, OK (2023 Update)
- Elk City Solar Installation Cost: $14,768
- 25-Year Savings: $29,947
- Payback Period: 8.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Elk City
Let's have a look at the average cost of solar in Elk City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elk City, the typical cost of solar panels is 2.62 per watt. Using this figure, a typical 8.1-kW system would cost about $14,764 before the 30% federal solar tax credit is applied.
The actual price you pay can be higher or lower than the average in Elk City based on a few factors, such as the brand of solar panels you choose and the solar contractor you hire. For most homeowners, the upfront investment in solar panels is worth paying. On average Elk City homeowners see about $21,000 in savings on utility bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Elk City
| Year | Return on Investment |
|---|---|
| 1 years | $-14,619 |
| 3 years | $-14,321 |
| 5 years | $-14,023 |
| 7 years | $-13,725 |
| 9 years | $-13,427 |
| 11 years | $-13,129 |
| 13 years | $-12,831 |
| 15 years | $-12,532 |
| 17 years | $-12,234 |
| 19 years | $-11,936 |
| 21 years | $-11,638 |
| 23 years | $-11,340 |
| 25 years | $-11,042 |
Top Solar Installers in Elk City
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using an installer can make switching to solar power much easier. Companies can also have access to quality options of the best solar panels and help you pick which one will be right for your home.
If you'd like to start using solar energy but still aren't certain which solar panel installer to go with, here are our recommendations for providers near you:
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 Elk City
Factors that Affect Solar Panel Costs in Elk City
For many Elk City homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Elk City, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Elk City average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable choice because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. Although solar loans make going solar more accessible for Elk City homeowners, they can also raise 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 remaining major cost factor you should keep in mind is the installer you choose. Given the massive popularity of clean energy solutions in Elk City, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Elk City have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $2.72 | $11,444 | $21,873 | 8.6 years |
| 8 kW | $2.67 | $14,965 | $29,458 | 8.4 years |
| 10 kW | $2.62 | $18,340 | $37,189 | 8.3 years |
| 12 kW | $2.57 | $21,568 | $45,067 | 8.1 years |
| 14 kW | $2.52 | $24,649 | $53,092 | 7.9 years |
| 16 kW | $2.46 | $27,583 | $61,263 | 7.8 years |
| 18 kW | $2.41 | $30,371 | $69,581 | 7.6 years |
| 20 kW | $2.36 | $33,012 | $78,046 | 7.4 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose considerably influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
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 Elk City, OK Solar Cost FAQs
What is the average cost of installing solar panels in Elk City?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $13,100 for a 5-kW system and $26,200 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Elk City?
Leasing solar panels can be an option if you are unable to pay upfront or get 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.
Can you sell solar power back to the grid in Elk City?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power 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 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 install 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.