Solar Panel Cost Guide in Spencer, OK (2023 Update)
- Spencer Solar Installation Cost: $15,468
- 25-Year Savings: $21,344
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Spencer
See how much it might cost to make the switch to solar in Spencer.
The average cost of a solar panel system in Spencer is 2.62 per watt. Since a 8.4-kW system is needed to cover the energy usage of a typical home in Spencer, the average price of going solar will be about $15,461 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of going solar can vary based on a few factors, such as what size system you need, your energy usage and what installation company you go with. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $17,000 in savings on energy bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Spencer
| Year | Return on Investment |
|---|---|
| 1 years | $-15,346 |
| 3 years | $-15,100 |
| 5 years | $-14,855 |
| 7 years | $-14,609 |
| 9 years | $-14,364 |
| 11 years | $-14,118 |
| 13 years | $-13,873 |
| 15 years | $-13,628 |
| 17 years | $-13,382 |
| 19 years | $-13,137 |
| 21 years | $-12,891 |
| 23 years | $-12,646 |
| 25 years | $-12,401 |
Top Solar Installers in Spencer
Many homeowners opt for a solar panel company since installing solar panels by yourself can be time-consuming. Plus, if you're unsure what kind of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
If you're on the hunt for a solar installer in Spencer, we've compiled 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
See all of the solar companies in Spencer
Factors that Affect Solar Panel Costs in Spencer
For many Spencer homeowners, the decision to install a solar energy system rests 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 several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,620. The model of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Spencer to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. However, the interest on solar loans also adds to your overall costs, so it's important to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you choose to install your solar system can influence the cost. Spencer's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 solar installer you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Solar Panel Brands: Each solar panel brand and type 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: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: Although reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Spencer, OK Solar Cost FAQs
How much does it cost to install solar panels in Spencer?
The average cost of solar panels in Spencer 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 things like the kind of solar panels you want, what size system you need and how much energy you consume.
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.