Solar Panel Cost Guide in Murphy, TX (2024 Update)
- Murphy Solar Installation Cost: $18,028
- 25-Year Savings: $19,524
- Payback Period: 11.4 Years
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Average Cost of Solar Panels in Murphy
Find out how much it might cost to go solar in Murphy.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Murphy, the typical cost of a solar system is 3 per watt.Using this figure, a typical 7.7-kW system would cost about $18,028 before the 0 federal solar tax credit is applied.
How much you pay can go above or below the average in Murphy based on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.With typical savings of about $19,000 on power bills over 20 years, many homeowners in Murphy find investing in solar can pay off big.
You can click the button below to get connected with a vetted solar installer in Murphy that can help you get a more accurate cost estimate for your home.
Solar savings over time in Murphy
| Year | Return on Investment |
|---|---|
| 1 years | $-16,526 |
| 3 years | $-13,522 |
| 5 years | $-10,518 |
| 7 years | $-7,513 |
| 9 years | $-4,509 |
| 11 years | $-1,505 |
| 13 years | $1,499 |
| 15 years | $4,503 |
| 17 years | $7,508 |
| 19 years | $10,512 |
| 21 years | $13,516 |
| 23 years | $16,520 |
| 25 years | $19,524 |
Top Solar Installers in Murphy
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Going with a solar panel installer can make your switch to solar power much easier. Local solar installers can also help you optimize your return on investment by assisting with any local incentives and by offering warranties and repairs.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Murphy
Factors that Affect Solar Panel Costs in Murphy
The cost of installing a solar system in Murphy can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use 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 $3,330.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 energy bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Murphy average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular choice because they lower your upfront costs and let you pay for your system over five to seven years on average.Though solar loans make switching to solar energy more accessible for Murphy homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can impact how much it costs. Murphy’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.46 | $14,545 | $16,070 | 11.9 years |
| 8 kW | $3.40 | $19,021 | $21,800 | 11.6 years |
| 10 kW | $3.33 | $23,310 | $27,716 | 11.4 years |
| 12 kW | $3.26 | $27,413 | $33,819 | 11.2 years |
| 14 kW | $3.20 | $31,329 | $40,108 | 11.0 years |
| 16 kW | $3.13 | $35,058 | $46,584 | 10.7 years |
| 18 kW | $3.06 | $38,601 | $53,246 | 10.5 years |
| 20 kW | $3.00 | $41,958 | $60,095 | 10.3 years |
How to Save on Solar Panels
The solar company you opt for will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Contract: It’s important to look over your solar installer’s contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one mark of a quality company.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Murphy, TX Solar Cost FAQs
What is the average cost of installing solar panels in Murphy?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $16,650 for a 5-kW system and $33,300 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 consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Are solar panels free in Murphy?
You can’t get solar panels for free in Murphy. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $1,020.53 per year.
How long do solar panels last in Murphy?
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 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.