Solar Panel Cost Guide in Lower Merion, PA (2023 Update)
- Lower Merion Solar Installation Cost: $11,763
- 25-Year Savings: $14,882
- Payback Period: 11.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lower Merion
We break down average solar pricing in Lower Merion.
In Lower Merion, solar panels cost about 2.55 per watt on average. The average solar panel system size in Lower Merion is around 6.6 kilowatts, meaning a cost of about $11,763 for a solar installation, or $16,821 before the 30% federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you will most likely differ based on your specific situation and what company you want to go with. With typical savings of about $15,000 on utility bills over 20 years, many homeowners in Lower Merion find going solar can be quite rewarding.
You can click the button below to get connected with a vetted solar company in Lower Merion for a quote for your home.
Solar savings over time in Lower Merion
| Year | Return on Investment |
|---|---|
| 1 years | $-10,697 |
| 3 years | $-8,566 |
| 5 years | $-6,434 |
| 7 years | $-4,302 |
| 9 years | $-2,171 |
| 11 years | $-39 |
| 13 years | $2,093 |
| 15 years | $4,224 |
| 17 years | $6,356 |
| 19 years | $8,487 |
| 21 years | $10,619 |
| 23 years | $12,751 |
| 25 years | $14,882 |
Top Solar Installers in Lower Merion
Installing solar panels on your own can be a stressful project, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you aren't sure what type of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
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 in Lower Merion:
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 Lower Merion
Factors that Affect Solar Panel Costs in Lower Merion
The cost of installing a solar system in Lower Merion can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,550. There are many different solar panel brands and the one you choose also changes the cost. Generally, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you choose 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
Most solar companies in Lower Merion have solar loans, which reduce your upfront costs of installing solar. However, the interest on solar loans also increases your total costs, so it's important to consider that as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can impact your pricing. Lower Merion'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 compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $2.65 | $11,138 | $13,139 | 11.5 years |
| 8 kW | $2.60 | $14,566 | $17,804 | 11.2 years |
| 10 kW | $2.55 | $17,850 | $22,612 | 11.0 years |
| 12 kW | $2.50 | $20,992 | $27,562 | 10.8 years |
| 14 kW | $2.45 | $23,990 | $32,656 | 10.6 years |
| 16 kW | $2.40 | $26,846 | $37,892 | 10.4 years |
| 18 kW | $2.35 | $29,560 | $43,271 | 10.1 years |
| 20 kW | $2.29 | $32,130 | $48,793 | 9.9 years |
How to Save on Solar Panels
The solar company you choose will affect 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 some important things you should keep in mind, including:
- Contract: Review the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer's reputation is by reading reviews.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Lower Merion, PA Solar Cost FAQs
How much does it cost to install solar panels in Lower Merion?
This is a tough question to answer precisely, 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Lower Merion?
Leasing solar panels can be an option if you are unable to pay upfront or secure 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 financial benefits from going solar.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lower Merion is currently $559,582, so you can look forward to a value of about $22,943 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lower Merion is a rewarding investment.
How long do solar panels last in Lower Merion?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.