Solar Panel Cost Guide in Elgin, TX (2024 Update)
- Elgin Solar Installation Cost: $17,620
- 25-Year Savings: $22,703
- Payback Period: 11.9 Years
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Average Cost of Solar Panels in Elgin
We break down average solar pricing in Elgin.
Although the national average of solar panels is $2.66 per watt, solar panels in Elgin typically cost around 3.The average Elgin homeowner needs a 7.6-kilowatt system, which would cost about $17,620 with the federal tax credit, or $25,197 before the 0 tax credit is applied.
These figures are just estimates, and the cost of going solar for you may differ based on your energy needs and what company you want to go with.For many homeowners, the upfront cost of solar is worth paying. On average Elgin homeowners see about $19,000 in savings on energy bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Elgin
| Year | Return on Investment |
|---|---|
| 1 years | $-16,187 |
| 3 years | $-13,322 |
| 5 years | $-10,456 |
| 7 years | $-7,591 |
| 9 years | $-4,726 |
| 11 years | $-1,860 |
| 13 years | $1,005 |
| 15 years | $3,870 |
| 17 years | $6,735 |
| 19 years | $9,601 |
| 21 years | $12,466 |
| 23 years | $15,331 |
| 25 years | $18,197 |
Top Solar Installers in Elgin
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with an installer can make your swap to solar power much easier. Companies can also provide access to quality options of the best solar panels and help you decide which one will be best for you.
If you're looking for a solar installer in Elgin, we've organized a list of our top suggestions here:
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 Elgin
Factors that Affect Solar Panel Costs in Elgin
Although the average cost of a solar system in Elgin is $17,620, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Elgin, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Elgin, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger 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 | $14,773 | 12.4 years |
| 8 kW | $3.40 | $19,021 | $20,071 | 12.2 years |
| 10 kW | $3.33 | $23,310 | $25,555 | 11.9 years |
| 12 kW | $3.26 | $27,413 | $31,225 | 11.7 years |
| 14 kW | $3.20 | $31,329 | $37,082 | 11.4 years |
| 16 kW | $3.13 | $35,058 | $43,125 | 11.2 years |
| 18 kW | $3.06 | $38,601 | $49,355 | 11.0 years |
| 20 kW | $3.00 | $41,958 | $55,772 | 10.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
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 Elgin, TX Solar Cost FAQs
How much does it cost to install solar panels in Elgin?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $16,650 for a 5-kW system and $33,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 buy between 20 and 35 panels to cover 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.