Solar Panel Cost Guide in Canyon, TX (Dec 2022)

  • Canyon Solar Installation Cost: $13,576
  • 25-Year Savings: $27,742
  • Payback Period: 8.2 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Canyon

See how much it might cost to install solar panels in Canyon.

The national average cost of solar panels is $2.66 per watt, but in Canyon it's $3 per watt. To account for the typical energy needs of the average home in Canyon, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $13,576, or $10,046 after the federal solar tax credit of 30% is applied.

These figures are only estimates, and your own solar costs may vary based on your specific situation and what company you choose to go with. For many homeowners, the upfront cost of solar is worth paying. On average Canyon homeowners see about $22,000 in savings on energy bills over 20 years.

Click the button below to get connected to a reputable solar installer in Canyon for a custom quote.

Solar savings over time in Canyon

Year Return on Investment
1 years $-11,924
3 years $-8,618
5 years $-5,313
7 years $-2,007
9 years $1,298
11 years $4,604
13 years $7,909
15 years $11,215
17 years $14,520
19 years $17,825
21 years $21,131
23 years $24,436
25 years $27,742

Top Solar Installers in Canyon

Many homeowners opt for a solar installer since figuring out how to install solar panels yourself can be hard. The expertise that solar installers provide can be helpful as well, especially if you don't quite know what kind of solar equipment would be right for your home.

Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • 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

Although the average cost of a solar system in Canyon is $13,576, your final cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.

Solar Equipment

One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $2,690 per kilowatt in Canyon. Some solar brands — like Maxeon from SunPower — are more costly 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 more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

If paying for solar panels out of pocket is difficult, solar loans are a solid route because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your total costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.

Solar Panel Installation Company

A final consideration when trying to figure out the cost of solar for your home or business in Canyon is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for example, you'll have no shortage of solar installers that provide a range of services for different budgets. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also is within your budget.

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

The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:

  • Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
  • Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
  • Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
  • Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • 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.

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