Solar Panel Cost Guide in McGregor, TX (2023 Update)
- McGregor Solar Installation Cost: $14,221
- 25-Year Savings: $17,150
- Payback Period: 11.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in McGregor
Here's how much it might cost to install solar panels in McGregor.
Although the national average of solar panels is $2.66 per watt, solar panels in McGregor generally cost around 2.69. Using this figure, a typical 7.5-kW system would cost about $14,217 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what installation company you go with. Even with the significant initial cost, the average McGregor homeowner can save around $16,000 on their energy bills over 20 years, which is one of the positives of solar.
To get a free quote from a highly rated solar installer in McGregor, you can click the button below.
Solar savings over time in McGregor
| Year | Return on Investment |
|---|---|
| 1 years | $-13,040 |
| 3 years | $-10,678 |
| 5 years | $-8,316 |
| 7 years | $-5,953 |
| 9 years | $-3,591 |
| 11 years | $-1,229 |
| 13 years | $1,133 |
| 15 years | $3,496 |
| 17 years | $5,858 |
| 19 years | $8,220 |
| 21 years | $10,582 |
| 23 years | $12,944 |
| 25 years | $15,307 |
Top Solar Installers in McGregor
Trying to install solar panels yourself can be a challenging undertaking, which is why hiring a solar installer is a good option for many homeowners. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 McGregor
Factors that Affect Solar Panel Costs in McGregor
For many McGregor homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in McGregor, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar system in McGregor, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $2,690 for each additional kilowatt you need. The brand and kind of equipment you want for your solar system can increase or decrease 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in McGregor to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest. You'll have to consider the long-term cost of loans, 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 original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials 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 | $13,173 | 11.8 years |
| 8 kW | $2.74 | $15,365 | $17,865 | 11.6 years |
| 10 kW | $2.69 | $18,830 | $22,708 | 11.3 years |
| 12 kW | $2.64 | $22,144 | $27,701 | 11.1 years |
| 14 kW | $2.58 | $25,308 | $32,846 | 10.9 years |
| 16 kW | $2.53 | $28,320 | $38,140 | 10.7 years |
| 18 kW | $2.47 | $31,182 | $43,586 | 10.4 years |
| 20 kW | $2.42 | $33,894 | $49,182 | 10.2 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
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 McGregor, TX Solar Cost FAQs
What is the average cost of installing solar panels in McGregor?
This is a tough question to answer exactly, 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. You can expect to pay more if you want additional solar equipment or higher quality 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.
Is it better to lease or buy solar panels in McGregor?
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 bang for your buck from going solar.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $830.76 per year.
How often do you have to replace solar panels?
On average, solar panels can last 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 higher 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.