Solar Panel Cost Guide in Canaan, PA (2023 Update)
- Canaan Solar Installation Cost: $12,334
- 25-Year Savings: $11,976
- Payback Period: 12.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Canaan
Find out what the average cost of installing solar panels is in Canaan.
The national average cost of solar panels is $2.66 per watt, but in Canaan it's 2.55 per watt. Using this figure, a typical 6.9-kW system would cost about $12,334 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of making the switch to solar can vary quite a bit based on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with. With typical savings of about $13,000 on power bills over 20 years, many homeowners in Canaan find going solar can pay off big.
Click the button below to get connected to a highly rated solar company in your area for a personalized quote.
Solar savings over time in Canaan
| Year | Return on Investment |
|---|---|
| 1 years | $-11,362 |
| 3 years | $-9,417 |
| 5 years | $-7,472 |
| 7 years | $-5,527 |
| 9 years | $-3,582 |
| 11 years | $-1,638 |
| 13 years | $307 |
| 15 years | $2,252 |
| 17 years | $4,197 |
| 19 years | $6,142 |
| 21 years | $8,087 |
| 23 years | $10,032 |
| 25 years | $11,976 |
Top Solar Installers in Canaan
Although it's possible to install solar panels yourself, it takes extra effort and handiness. Because of that, most homeowners choose a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you decide which one will be best for your home.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Canaan
Factors that Affect Solar Panel Costs in Canaan
There are many factors that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Canaan, one of the most important 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 determine by looking at past electricity bills. Your overall cost can increase by around $2,550 for each additional kilowatt you need. The type of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Canaan, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your total costs, so it's important to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Canaan is the company you get to install your PV system. As with choosing a company to renovate your kitchen, for instance, you'll have many options for solar installers that provide a range of services at different price points. The company's size sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.65 | $11,138 | $9,966 | 13.2 years |
| 8 kW | $2.60 | $14,566 | $13,574 | 12.9 years |
| 10 kW | $2.55 | $17,850 | $17,324 | 12.7 years |
| 12 kW | $2.50 | $20,992 | $21,217 | 12.4 years |
| 14 kW | $2.45 | $23,990 | $25,253 | 12.2 years |
| 16 kW | $2.40 | $26,846 | $29,432 | 11.9 years |
| 18 kW | $2.35 | $29,560 | $33,754 | 11.7 years |
| 20 kW | $2.29 | $32,130 | $38,218 | 11.4 years |
How to Save on Solar Panels
The solar company you go with will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Canaan, PA Solar Cost FAQs
How much does it cost to install solar panels in Canaan?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $12,750 for a 5-kW system and $25,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.