Solar Panel Cost Guide in Spencer, OK (Dec 2022)

  • Spencer Solar Installation Cost: $15,461
  • 25-Year Savings: $21,352
  • Payback Period: 10.5 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Spencer

Let's take a look at the average cost of solar in Spencer.

The national average cost of solar panels is $2.66 per watt, but in Spencer it's $3 per watt. To cover the typical energy needs of the average home in Spencer, most homeowners require a 8.4-kilowatt system. Using the figure above, a solar installation costs around $15,461, or $11,441 after the federal solar tax credit of 30% is applied.

Bear in mind that the figures above are only estimates based on the average Spencer homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the large initial cost, the average Spencer homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the perks of solar.

Click the button below to get connected to a top solar installer in your area for a personalized estimate.

Solar savings over time in Spencer

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 Spencer

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring an installer can make your switch to solar power much easier. The expertise that solar companies offer can be useful as well, especially if you don't quite know what type of solar equipment you need.

There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

See all of the solar companies in Spencer

Factors that Affect Solar Panel Costs in Spencer

For many Spencer homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Spencer, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment

When it comes to estimating the cost of a solar energy system in Spencer, one of the most crucial 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 electricity bills. Your total cost can increase by around $2,620 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

If paying for a solar system out of pocket is out of reach, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Even though solar loans make adopting solar energy more accessible for Spencer homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

Lastly, the company you get to install your solar panels can affect your pricing. Spencer's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.

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 company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:

  • Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
  • Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • Contract: Review the contract terms carefully to make sure you understand the cost breakdown, completion timeline rebates and warranties.
  • Solar Panel Brands: The model of solar panel you'd like to install plays a part in which installer you should choose, since different companies offer different panels.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Spencer, OK Solar Cost FAQs

How much does it cost to install solar panels in Spencer?

This is a hard question to answer precisely, because the cost depends on a few different factors. Generally 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 above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.

Is cost the most important consideration when buying solar panels?

The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.

Do solar panels increase the value of your home?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Spencer is currently $82,753, which means you can look forward to a value of about $3,393 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Spencer 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 usage 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 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.

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