Solar Panel Cost Guide in Bonham, TX (2024 Update)
- Bonham Solar Installation Cost: $18,283
- 25-Year Savings: $33,165
- Payback Period: 9.5 Years
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Average Cost of Solar Panels in Bonham
Let’s take a look at the average cost of solar panels in Bonham.
In Bonham, solar panels cost about 3 per watt on average.Using this figure, a typical 7.8-kW system would cost about $18,283 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Bonham homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For most homeowners, the upfront cost of solar power is worth paying. On average Bonham homeowners see about $23,000 in savings on electricity bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Bonham
Year | Return on Investment |
---|---|
1 years | $-16,862 |
3 years | $-14,019 |
5 years | $-11,177 |
7 years | $-8,335 |
9 years | $-5,493 |
11 years | $-2,651 |
13 years | $191 |
15 years | $3,033 |
17 years | $5,876 |
19 years | $8,718 |
21 years | $11,560 |
23 years | $14,402 |
25 years | $17,244 |
Top Solar Installers in Bonham
Although it's possible to install solar panels on your own, it involves extra labor and handiness. Because of that, almost all homeowners choose to go with a solar panel installer. Plus, if you’re unsure what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
If you’d like to go solar but still aren’t certain which solar panel company to go with, here are our suggestions for providers near you:
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Bonham
Factors that Affect Solar Panel Costs in Bonham
Even though the average cost of a solar system in Bonham is $18,283, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,330. The brand of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of 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 researching a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Bonham to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to paying more over time because of interest.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Bonham is the company you choose to install your solar system. As with choosing a company to install new cabinets, for example, there’s no shortage of solar installers that provide a range of services at different costs.The company’s size sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they generally 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 | $3.46 | $14,545 | $22,123 | 9.9 years |
8 kW | $3.40 | $19,021 | $29,871 | 9.7 years |
10 kW | $3.33 | $23,310 | $37,804 | 9.5 years |
12 kW | $3.26 | $27,413 | $45,925 | 9.3 years |
14 kW | $3.20 | $31,329 | $54,232 | 9.2 years |
16 kW | $3.13 | $35,058 | $62,725 | 9.0 years |
18 kW | $3.06 | $38,601 | $71,405 | 8.8 years |
20 kW | $3.00 | $41,958 | $80,271 | 8.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: When reading 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 such as a system part breaking or the company going out of business.
- Warranty: If you’re concerned about the longevity of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $16,650 for a 5-kW system and $33,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Bonham?
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 don’t have access to 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 savings from going solar.
Is it worth going solar in Bonham?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
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 amount of sunlight your roof gets. You can take a 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 get between 20 and 35 panels to account for 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.