Solar Panel Cost Guide in Canyon, TX (2023 Update)
- Canyon Solar Installation Cost: $13,585
- 25-Year Savings: $27,733
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Canyon
Find out what the average cost of solar panel installation is in Canyon.
In Canyon, solar panels cost about 2.69 per watt on average. Because a 7.2-kW system is needed to cover the energy needs of a typical home in Canyon, the average price of going solar will be about $13,576 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average Canyon homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar is worth paying. On average Canyon homeowners see about $22,000 in savings on energy bills over 20 years.
To receive a free estimate from a top solar installer in Canyon, you can click the button below.
Solar savings over time in Canyon
| Year | Return on Investment |
|---|---|
| 1 years | $-13,448 |
| 3 years | $-13,172 |
| 5 years | $-12,897 |
| 7 years | $-12,621 |
| 9 years | $-12,346 |
| 11 years | $-12,070 |
| 13 years | $-11,795 |
| 15 years | $-11,519 |
| 17 years | $-11,244 |
| 19 years | $-10,968 |
| 21 years | $-10,693 |
| 23 years | $-10,418 |
| 25 years | $-10,142 |
Top Solar Installers in Canyon
Many homeowners opt for a solar installation company since installing solar panels by yourself can be challenging. Companies can also have access to quality options of the best solar panels and help you pick which one will be right for your family.
If you'd like to switch to solar energy but still aren't certain which solar system company to go with, here are our recommendations 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
See all of the solar companies in Canyon
Factors that Affect Solar Panel Costs in Canyon
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Canyon: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels 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 pay around $2,690 per kilowatt in Canyon. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Canyon, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Canyon, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. Although solar loans make going solar more accessible for Canyon homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can impact how much it costs. Canyon's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Canyon have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $22,612 | 8.5 years |
| 8 kW | $2.74 | $15,365 | $30,450 | 8.4 years |
| 10 kW | $2.69 | $18,830 | $38,439 | 8.2 years |
| 12 kW | $2.64 | $22,144 | $46,579 | 8.1 years |
| 14 kW | $2.58 | $25,308 | $54,869 | 7.9 years |
| 16 kW | $2.53 | $28,320 | $63,310 | 7.7 years |
| 18 kW | $2.47 | $31,182 | $71,902 | 7.6 years |
| 20 kW | $2.42 | $33,894 | $80,644 | 7.4 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Canyon, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
- 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.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline incentives and warranties.
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 Canyon, TX Solar Cost FAQs
How much does it cost to install solar panels in Canyon?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Canyon?
Leasing solar panels can be an option if you can't 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 savings from going solar.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,145.38 per year.
How often do you have to replace solar panels?
On average, solar panels can last 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 higher 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.