Solar Panel Cost Guide in Nichols Hills, OK (Mar 2023)
- Nichols Hills Solar Installation Cost: $15,461
- 25-Year Savings: $21,352
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Nichols Hills
Find out what the average cost of a solar system is in Nichols Hills.
The average cost of a solar panel system in Nichols Hills is 2.62 per watt. The average Nichols Hills homeowner needs a 8.4-kilowatt system, which would cost about $15,461 with the federal tax credit, or $22,109 before the 30% tax credit is applied.
The true price you pay can go higher or lower than the average in Nichols Hills depending on a variety of factors, such as the model of solar panels you choose and the solar contractor you hire. With typical savings of about $17,000 on power bills over 20 years, many homeowners in Nichols Hills find investing in solar has a decent ROI.
To get a free estimate from a top solar installation company in Nichols Hills, you can click the button below.
Solar savings over time in Nichols Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-13,988 |
| 3 years | $-11,043 |
| 5 years | $-8,098 |
| 7 years | $-5,153 |
| 9 years | $-2,208 |
| 11 years | $737 |
| 13 years | $3,682 |
| 15 years | $6,627 |
| 17 years | $9,572 |
| 19 years | $12,517 |
| 21 years | $15,462 |
| 23 years | $18,407 |
| 25 years | $21,352 |
Top Solar Installers in Nichols Hills
Trying to install solar panels yourself can be a dangerous project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers provide can be useful as well, particularly if you don't quite know what brand of solar equipment would be right for your home.
If you're searching for a solar installer in Nichols Hills, we've put together a list of our top suggestions here:
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 Nichols Hills
Factors that Affect Solar Panel Costs in Nichols Hills
For many Nichols Hills homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Nichols Hills, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $2,620 per kilowatt in Nichols Hills. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Nichols Hills, where sunlight is abundant, efficiency can quickly pay off. Also, 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 Nichols Hills offer solar loans, which reduce the initial cost of installing solar. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can impact the cost. Nichols Hills' solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that has the products, warranties and services you want and also fits within your budget.
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 | $14,744 | 10.9 years |
| 8 kW | $2.67 | $14,965 | $19,952 | 10.7 years |
| 10 kW | $2.62 | $18,340 | $25,307 | 10.5 years |
| 12 kW | $2.57 | $21,568 | $30,808 | 10.3 years |
| 14 kW | $2.52 | $24,649 | $36,457 | 10.1 years |
| 16 kW | $2.46 | $27,583 | $42,252 | 9.9 years |
| 18 kW | $2.41 | $30,371 | $48,193 | 9.7 years |
| 20 kW | $2.36 | $33,012 | $54,282 | 9.5 years |
How to Save on Solar Panels
The solar company you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
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 Nichols Hills, OK Solar Cost FAQs
How much does it cost to install solar panels in Nichols Hills?
This is a hard 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $872.94 per year.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.