Solar Panel Cost Guide in Elgin, TX (Mar 2023)
- Elgin Solar Installation Cost: $14,235
- 25-Year Savings: $22,701
- Payback Period: 9.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elgin
See how much it might cost to go solar in Elgin.
The average cost of a solar panel system in Elgin is 2.69 per watt. The average Elgin homeowner needs a 7.6-kilowatt system, which would cost about $14,235 with the federal tax credit, or $20,356 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what company you go with. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Elgin can save around $19,000 on their energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Elgin
| Year | Return on Investment |
|---|---|
| 1 years | $-12,758 |
| 3 years | $-9,803 |
| 5 years | $-6,848 |
| 7 years | $-3,893 |
| 9 years | $-939 |
| 11 years | $2,016 |
| 13 years | $4,971 |
| 15 years | $7,926 |
| 17 years | $10,881 |
| 19 years | $13,836 |
| 21 years | $16,791 |
| 23 years | $19,746 |
| 25 years | $22,701 |
Top Solar Installers in Elgin
Although it's possible to install solar panels yourself, it involves extra labor and know-how. Because of that, the majority of homeowners choose to go with a solar panel installer. Companies can also provide access to a large variety of the best solar panels and help you choose which one will be right for your family.
If you'd like to go solar but still aren't sure which solar system company to go with, here are our recommendations for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that affect your total cost in Elgin: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That's why it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Elgin, where sunlight is abundant, efficiency can quickly pay off. Also, 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
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Elgin homeowners opt to finance their solar panel systems to make going solar more affordable. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Elgin, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Companies that 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 come at a higher cost. It's best to do some research and choose a company that offers the products, warranties and services you want 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 | $17,569 | 10.0 years |
| 8 kW | $2.74 | $15,365 | $23,727 | 9.8 years |
| 10 kW | $2.69 | $18,830 | $30,035 | 9.6 years |
| 12 kW | $2.64 | $22,144 | $36,494 | 9.4 years |
| 14 kW | $2.58 | $25,308 | $43,103 | 9.2 years |
| 16 kW | $2.53 | $28,320 | $49,863 | 9.1 years |
| 18 kW | $2.47 | $31,182 | $56,774 | 8.9 years |
| 20 kW | $2.42 | $33,894 | $63,836 | 8.7 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 find the right company for you, here are some tips to keep in mind:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable 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 check your installer's reputation is by reading reviews.
- Solar Panel Brands: The brand of solar panel you'd like to install plays a role in which installer you should go with, since different companies have different panels.
- Contract: It's important to read through your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Installation Process: Make sure you're aligned with the company with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
What is the average cost of installing solar panels in Elgin?
The average cost of solar panels in Elgin is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Elgin?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is it worth going solar in Elgin?
Solar panels can be a beneficial investment for a majority of 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.
How long do solar panels last in Elgin?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using them at a lower efficiency.
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.