Solar Panel Cost Guide in Krum, TX (2023 Update)
- Krum Solar Installation Cost: $14,424
- 25-Year Savings: $19,565
- Payback Period: 10.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Krum
We go over average solar pricing in Krum.
The average cost of a solar panel system in Krum is 2.69 per watt. Because a 7.7-kW system is needed to cover the energy consumption of a typical home in Krum, the average price of going solar will be about $14,424 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of equipment you choose, your solar contractor and more. With average savings of about $17,000 on electricity bills over 20 years, many homeowners in Krum find investing in solar has a decent ROI.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Krum
| Year | Return on Investment |
|---|---|
| 1 years | $-13,064 |
| 3 years | $-10,345 |
| 5 years | $-7,626 |
| 7 years | $-4,907 |
| 9 years | $-2,188 |
| 11 years | $531 |
| 13 years | $3,251 |
| 15 years | $5,970 |
| 17 years | $8,689 |
| 19 years | $11,408 |
| 21 years | $14,127 |
| 23 years | $16,846 |
| 25 years | $19,565 |
Top Solar Installers in Krum
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring a solar company can make switching to solar power much easier. The expertise that solar companies provide can be useful as well, particularly if you don't quite know what brand of solar equipment would be right for your home.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Krum
Factors that Affect Solar Panel Costs in Krum
The cost of installing a solar system in Krum can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Krum, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past energy bills. Your total cost can increase by about $2,690 for each additional kilowatt you need. The brand of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Krum, which can lower, or in some cases eliminate, your upfront costs to make 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 pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can affect how much you pay. Krum's solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $2.80 | $11,750 | $14,881 | 11.0 years |
| 8 kW | $2.74 | $15,365 | $20,143 | 10.8 years |
| 10 kW | $2.69 | $18,830 | $25,555 | 10.6 years |
| 12 kW | $2.64 | $22,144 | $31,118 | 10.4 years |
| 14 kW | $2.58 | $25,308 | $36,832 | 10.2 years |
| 16 kW | $2.53 | $28,320 | $42,696 | 10.0 years |
| 18 kW | $2.47 | $31,182 | $48,711 | 9.8 years |
| 20 kW | $2.42 | $33,894 | $54,877 | 9.5 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. Because picking a company can be a challenge, we have some tips to help you, such as:
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer good-quality solar panel installation and expertise.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
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 Krum, TX Solar Cost FAQs
How much does it cost to install solar panels in Krum?
The average cost of solar panels in Krum is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Krum?
You can't get solar panels for free in Krum. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $887.71 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a 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 get between 20 and 35 panels to account for 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.