Solar Panel Cost Guide in Lake Dallas, TX (Mar 2023)
- Lake Dallas Solar Installation Cost: $14,424
- 25-Year Savings: $18,469
- Payback Period: 11.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lake Dallas
Let's have a look at the average cost of solar in Lake Dallas.
Although the national average of solar panels is $2.66 per watt, solar panels in Lake Dallas typically cost around 2.69. The average Lake Dallas homeowner needs a 7.7-kilowatt system, which would cost about $14,424 with the federal tax credit, or $20,626 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of making the switch to solar can vary based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is usually good, with a net average savings of about $16,000 over 20 years on utility bills.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lake Dallas
| Year | Return on Investment |
|---|---|
| 1 years | $-13,108 |
| 3 years | $-10,477 |
| 5 years | $-7,845 |
| 7 years | $-5,214 |
| 9 years | $-2,582 |
| 11 years | $49 |
| 13 years | $2,681 |
| 15 years | $5,312 |
| 17 years | $7,944 |
| 19 years | $10,575 |
| 21 years | $13,207 |
| 23 years | $15,838 |
| 25 years | $18,469 |
Top Solar Installers in Lake Dallas
Although you can install solar panels yourself, it takes extra energy and expertise. That's why most people choose to go with a solar panel installer. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Lake Dallas:
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 Lake Dallas
Factors that Affect Solar Panel Costs in Lake Dallas
Though the average cost of a solar system in Lake Dallas is $14,424, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,690. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular choice because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your all-in costs, so it's vital to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of clean energy solutions in Lake Dallas, you'll have many options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Lake Dallas have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $14,022 | 11.4 years |
| 8 kW | $2.74 | $15,365 | $18,998 | 11.2 years |
| 10 kW | $2.69 | $18,830 | $24,124 | 11.0 years |
| 12 kW | $2.64 | $22,144 | $29,401 | 10.7 years |
| 14 kW | $2.58 | $25,308 | $34,828 | 10.5 years |
| 16 kW | $2.53 | $28,320 | $40,406 | 10.3 years |
| 18 kW | $2.47 | $31,182 | $46,135 | 10.1 years |
| 20 kW | $2.42 | $33,894 | $52,014 | 9.9 years |
How to Save on Solar Panels
There are many 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:
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean 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 look into your installer's reputation is by reading reviews.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
- 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 substantial 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 Lake Dallas, TX Solar Cost FAQs
What is the average cost of installing solar panels in Lake Dallas?
This is a hard question to answer exactly, because the cost depends on a variety of 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. 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. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Lake Dallas?
A solar panel system isn't free in Lake Dallas, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How will solar panels impact how much my home is worth?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go for 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."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.