Solar Panel Cost Guide in Bonham, TX (2023 Update)
- Bonham Solar Installation Cost: $14,763
- 25-Year Savings: $33,172
- Payback Period: 7.7 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 Bonham
Find out what the average cost of solar panel installation is in Bonham.
In Bonham, solar panels cost about 2.69 per watt on average. To cover the typical energy usage of the average home in Bonham, most homeowners require a 7.8-kilowatt system. Using the figure above, a solar installation costs around $14,763, or $21,111 before the federal solar tax credit of 30% is applied.
These figures are only averages, and the cost of going solar for you may look different based on factors unique to your home and what company you want to go with. With typical savings of about $23,000 on utility bills over 20 years, many homeowners in Bonham find going solar can pay off big.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Bonham
| Year | Return on Investment |
|---|---|
| 1 years | $-12,845 |
| 3 years | $-9,011 |
| 5 years | $-5,176 |
| 7 years | $-1,341 |
| 9 years | $2,494 |
| 11 years | $6,328 |
| 13 years | $10,163 |
| 15 years | $13,998 |
| 17 years | $17,833 |
| 19 years | $21,667 |
| 21 years | $25,502 |
| 23 years | $29,337 |
| 25 years | $33,172 |
Top Solar Installers in Bonham
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels yourself can be a labor-intensive endeavor. The expertise that solar companies offer can be invaluable as well, particularly if you aren't sure what brand of solar equipment would be right 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 in Bonham:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Bonham
Factors that Affect Solar Panel Costs in Bonham
While the average cost of a solar system in Bonham is $14,763, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,690 per kilowatt in Bonham. There are many different solar panel brands and the one you choose also affects the cost. In general, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Bonham have solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also adds to your all-in costs, so it's crucial to keep that in mind as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you hire to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar panel companies in Bonham, and each can charge different amounts for labor and equipment. Larger national companies typically 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 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 | $2.80 | $11,750 | $24,919 | 8.0 years |
| 8 kW | $2.74 | $15,365 | $33,526 | 7.9 years |
| 10 kW | $2.69 | $18,830 | $42,284 | 7.7 years |
| 12 kW | $2.64 | $22,144 | $51,193 | 7.5 years |
| 14 kW | $2.58 | $25,308 | $60,253 | 7.4 years |
| 16 kW | $2.53 | $28,320 | $69,463 | 7.2 years |
| 18 kW | $2.47 | $31,182 | $78,824 | 7.1 years |
| 20 kW | $2.42 | $33,894 | $88,335 | 6.9 years |
How to Save on Solar Panels
The solar panel company you go with will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Installation Process: Make sure you're on the same page with the installer with regard to how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Bonham, TX Solar Cost FAQs
What is the average cost of installing solar panels in Bonham?
The average cost of solar panels in Bonham is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is switching to solar power worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Bonham?
On average, the lifespan of solar panels is 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 larger amount 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.