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.Because a 7.8-kW system is needed to cover the energy consumption of a typical home in Bonham, the average price of going solar will be about $18,283 after claiming the federal solar tax credit of 0.
The true cost of your system can go above or below the average in Bonham based on several factors, such as the model of solar panels you choose and the solar company you hire.But, after you've paid the initial cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $23,000 over 20 years on electricity bills.
To receive a free estimate from a vetted solar installation company in Bonham, you can 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 by yourself, it involves extra effort and knowledge. That's why almost all homeowners choose to hire a solar panel installer. Companies can also offer access to a large variety of the best solar panels and help you pick which one will be best for your family.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
For many Bonham homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Bonham, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important 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 about $3,330 per kilowatt in Bonham.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. In addition, extra products, like solar batteries, can bump up your total well above the Bonham average.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over five to seven years on average.When considering your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Bonham, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of 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 names.
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: Different companies carry various brands and models of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Contract: Review the contract terms carefully to make sure you understand the overall cost, project timeline rebates and warranties.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- 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 likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 $16,650 for a 5-kW system and $33,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like 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 can’t afford to pay upfront or get 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.
Is it worth going solar in Bonham?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs 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.