Solar Panel Cost Guide in Krum, TX (2023 Update)
- Krum Solar Installation Cost: $14,419
- 25-Year Savings: $19,570
- Payback Period: 10.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Krum
Let's have a look at the average cost of solar panels in Krum.
While the national average of solar panels is $2.66 per watt, solar panels in Krum typically cost about 2.69. Since a 7.7-kW system is needed to cover the energy costs 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 vary based on your household energy use, the type of solar panels you want to get, your solar contractor and more. But, once you've paid the initial cost of installation, the payback for most homeowners is quite good, with a net average savings of about $17,000 over 20 years on power bills.
Click the button below to get connected to a highly rated solar company in Krum for a personalized estimate.
Solar savings over time in Krum
| Year | Return on Investment |
|---|---|
| 1 years | $-14,306 |
| 3 years | $-14,080 |
| 5 years | $-13,853 |
| 7 years | $-13,626 |
| 9 years | $-13,400 |
| 11 years | $-13,173 |
| 13 years | $-12,947 |
| 15 years | $-12,720 |
| 17 years | $-12,493 |
| 19 years | $-12,267 |
| 21 years | $-12,040 |
| 23 years | $-11,814 |
| 25 years | $-11,587 |
Top Solar Installers in Krum
When making the switch to solar, many homeowners prefer to hire a solar installer since installing a solar system yourself can be a challenging project. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be right for your family.
If you'd like to go solar but still aren't certain which solar installer to go with, here are our suggestions for providers nearby:
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 Krum
Factors that Affect Solar Panel Costs in Krum
For many Krum homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Krum, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,690. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Krum, 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
Many homeowners find the average cost of solar in Krum to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can impact how much you pay. Krum's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also fit into 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 | $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 you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
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 Krum, TX Solar Cost FAQs
How much does it cost to install solar panels in Krum?
This is a tough question to answer precisely, because the cost depends on a few different 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. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Krum?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property 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.
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 long do solar panels last in Krum?
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.