Solar Panel Cost Guide in Lake Cherokee, TX (2023 Update)
- Lake Cherokee Solar Installation Cost: $14,650
- 25-Year Savings: $21,852
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lake Cherokee
See how much it might cost to go solar in Lake Cherokee.
In Lake Cherokee, solar panels cost about 2.69 per watt on average. The average Lake Cherokee homeowner needs a 7.8-kilowatt system, which would cost about $14,650 with the federal tax credit, or $20,950 before the 30% tax credit is applied.
The actual price you pay can go above or below the average in Lake Cherokee based on several factors, such as the type of solar panels you choose and the solar contractor you hire. Despite the significant initial cost, the average Lake Cherokee homeowner can save about $18,000 on their power bills over 20 years, which is one of the positives of solar.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Lake Cherokee
| Year | Return on Investment |
|---|---|
| 1 years | $-13,190 |
| 3 years | $-10,270 |
| 5 years | $-7,349 |
| 7 years | $-4,429 |
| 9 years | $-1,509 |
| 11 years | $1,411 |
| 13 years | $4,331 |
| 15 years | $7,251 |
| 17 years | $10,171 |
| 19 years | $13,091 |
| 21 years | $16,012 |
| 23 years | $18,932 |
| 25 years | $21,852 |
Top Solar Installers in Lake Cherokee
Although it's possible to install solar panels on your own, it requires extra effort and knowledge. Because of that, most homeowners choose to hire a solar panel installer. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you'd like to switch to solar energy but still aren't certain which solar company to go with, here are our suggestions for providers in Lake Cherokee:
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 Lake Cherokee
Factors that Affect Solar Panel Costs in Lake Cherokee
For many Lake Cherokee homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Lake Cherokee, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over 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 important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Lake Cherokee average.
Solar Financing Terms
Most solar installers in Lake Cherokee provide solar loans, which reduce your upfront costs of installing solar. You'll have to consider the long-term cost of loans, including the amount of 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Lake Cherokee, and each can charge different amounts for labor and equipment. Additionally, some companies in Lake Cherokee know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $16,396 | 10.4 years |
| 8 kW | $2.74 | $15,365 | $22,162 | 10.2 years |
| 10 kW | $2.69 | $18,830 | $28,079 | 10.0 years |
| 12 kW | $2.64 | $22,144 | $34,147 | 9.8 years |
| 14 kW | $2.58 | $25,308 | $40,366 | 9.6 years |
| 16 kW | $2.53 | $28,320 | $46,735 | 9.4 years |
| 18 kW | $2.47 | $31,182 | $53,254 | 9.2 years |
| 20 kW | $2.42 | $33,894 | $59,925 | 9.0 years |
How to Save on Solar Panels
The solar panel company you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Warranty: If you're concerned about the durability of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Different companies carry various brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Contract: Look through the contract terms closely to make sure you understand the overall cost, project timeline rebates and warranties.
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 Lake Cherokee, TX Solar Cost FAQs
How much does it cost to install solar panels in Lake Cherokee?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly 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 additional solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Lake Cherokee?
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 financial benefits from going solar.
Is it worth going solar in Lake Cherokee?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How long do solar panels last in Lake Cherokee?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.