Solar Panel Cost Guide in Marshall, TX (2023 Update)
- Marshall Solar Installation Cost: $14,706
- 25-Year Savings: $21,677
- Payback Period: 10.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Marshall
Here's how much it might cost to make the switch to solar in Marshall.
In Marshall, solar panels cost about 2.69 per watt on average. To account for the typical energy needs of the average home in Marshall, most homeowners require a 7.8-kilowatt system. Using the figure above, a solar installation costs around $14,706, or $21,030 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and your own solar costs will vary based on your energy needs and what company you want to go with. But, after you've paid the initial cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on energy bills.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Marshall
| Year | Return on Investment |
|---|---|
| 1 years | $-13,251 |
| 3 years | $-10,340 |
| 5 years | $-7,430 |
| 7 years | $-4,519 |
| 9 years | $-1,608 |
| 11 years | $1,302 |
| 13 years | $4,213 |
| 15 years | $7,124 |
| 17 years | $10,034 |
| 19 years | $12,945 |
| 21 years | $15,855 |
| 23 years | $18,766 |
| 25 years | $21,677 |
Top Solar Installers in Marshall
Although it's possible to install solar panels on your own, it requires extra effort and handiness. That's one of the reasons most homeowners choose to hire a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some in Marshall:
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 Marshall
Factors that Affect Solar Panel Costs in Marshall
Though the average cost of a solar system in Marshall is $14,706, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,690. 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 in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Marshall average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Marshall homeowners opt to finance their solar panel systems to make going solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you choose will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $16,215 | 10.5 years |
| 8 kW | $2.74 | $15,365 | $21,922 | 10.3 years |
| 10 kW | $2.69 | $18,830 | $27,779 | 10.1 years |
| 12 kW | $2.64 | $22,144 | $33,786 | 9.9 years |
| 14 kW | $2.58 | $25,308 | $39,945 | 9.7 years |
| 16 kW | $2.53 | $28,320 | $46,254 | 9.5 years |
| 18 kW | $2.47 | $31,182 | $52,713 | 9.3 years |
| 20 kW | $2.42 | $33,894 | $59,323 | 9.1 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 find the right company for you, here are some tips to keep in mind:
- Contract: Although 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.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a good company.
- 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 significant role in the company you hire.
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 Marshall, TX Solar Cost FAQs
How much does it cost to install solar panels in Marshall?
This is a hard question to answer precisely, because the cost depends on a variety of 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. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Marshall?
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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Marshall is currently $98,951, which means you can look forward to a value of about $4,057 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Marshall is a worthwhile investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can 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 install 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.