Solar Panel Cost Guide in Elk City, OK (2023 Update)
- Elk City Solar Installation Cost: $14,764
- 25-Year Savings: $29,951
- Payback Period: 8.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elk City
Find out what the average cost of a solar system is in Elk City.
The average cost of a solar system in Elk City is 2.62 per watt. The average solar panel system size in Elk City is around 8.1 kilowatts, meaning a cost of about $14,764 for a solar installation, or $21,113 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs will vary based on your specific situation and what company you choose to go with. With average savings of about $21,000 on power bills over 20 years, many homeowners in Elk City find installing solar panels has a decent ROI.
To get a free quote from a vetted solar installer in Elk City, you can click the button below.
Solar savings over time in Elk City
| Year | Return on Investment |
|---|---|
| 1 years | $-12,975 |
| 3 years | $-9,398 |
| 5 years | $-5,821 |
| 7 years | $-2,244 |
| 9 years | $1,334 |
| 11 years | $4,911 |
| 13 years | $8,488 |
| 15 years | $12,065 |
| 17 years | $15,642 |
| 19 years | $19,220 |
| 21 years | $22,797 |
| 23 years | $26,374 |
| 25 years | $29,951 |
Top Solar Installers in Elk City
Many homeowners decide to hire a solar installation company since installing solar panels on your own can be hard. A solar company can also help save you money over time by offering warranties, repairs and part replacements.
If you'd like to make the switch to solar but still aren't sure which solar system company to go with, here are our suggestions 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Elk City
Factors that Affect Solar Panel Costs in Elk City
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Elk City: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Elk City, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by around $2,620 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also changes the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to get 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
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Elk City, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can play a role in determining the cost. Elk City's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Elk City are more knowledgeable 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 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 | $2.72 | $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
The solar company you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Contract: Before signing a contract with a solar installer, be sure to read it through completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar installer. Confirm that you understand how the installation process works and the project timeline.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer high-quality solar panel installation and expertise.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Elk City, OK Solar Cost FAQs
How much does it cost to install solar panels in Elk City?
The average cost of solar panels in Elk City is about $13,100 for a 5-kW system and $26,200 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Elk City?
Leasing solar panels can be an option if you can't afford 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 home 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.
Do solar panels increase the value of your home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
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 average daily 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 get 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.