Solar Panel Cost Guide in Murphy, TX (2023 Update)
- Murphy Solar Installation Cost: $14,556
- 25-Year Savings: $24,909
- Payback Period: 9.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Murphy
We break down average solar pricing in Murphy.
In Murphy, solar panels cost about 2.69 per watt on average. Using this figure, a typical 7.7-kW system would cost about $14,556 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will look different based on your energy needs and what company you choose to go with. Even with the significant initial cost, the average Murphy homeowner can save around $19,000 on their power bills over 20 years, which is one of the benefits of solar.
To get a free estimate from a highly rated solar installation company in Murphy, you can click the button below.
Solar savings over time in Murphy
| Year | Return on Investment |
|---|---|
| 1 years | $-12,977 |
| 3 years | $-9,820 |
| 5 years | $-6,663 |
| 7 years | $-3,506 |
| 9 years | $-348 |
| 11 years | $2,809 |
| 13 years | $5,966 |
| 15 years | $9,123 |
| 17 years | $12,280 |
| 19 years | $15,437 |
| 21 years | $18,594 |
| 23 years | $21,752 |
| 25 years | $24,909 |
Top Solar Installers in Murphy
Although it's possible to install solar panels yourself, it involves extra effort and knowledge. That's one of the reasons almost all homeowners choose to go with a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're searching for a solar installer in Murphy, we've compiled a list of our top suggestions here:
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
There are several factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the cost of a solar system in Murphy, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by around $2,690 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can play a role in determining how much you pay. Murphy's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and decide on the company that offers the products, warranties and services you're looking for and also is within your budget.
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 | $18,866 | 9.6 years |
| 8 kW | $2.74 | $15,365 | $25,456 | 9.4 years |
| 10 kW | $2.69 | $18,830 | $32,196 | 9.2 years |
| 12 kW | $2.64 | $22,144 | $39,087 | 9.0 years |
| 14 kW | $2.58 | $25,308 | $46,129 | 8.9 years |
| 16 kW | $2.53 | $28,320 | $53,322 | 8.7 years |
| 18 kW | $2.47 | $31,182 | $60,665 | 8.5 years |
| 20 kW | $2.42 | $33,894 | $68,159 | 8.3 years |
How to Save on Solar Panels
There are numerous companies to choose from in Murphy, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: The model of solar panel you'd like to get plays a part in which installer you should go with, since different companies have different panels.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
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 tough question to answer exactly, because the cost depends on many 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 other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Murphy?
Leasing solar panels can be an appealing choice, because it usually 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 way to go if you want to get the most savings.
Can solar panels significantly reduce my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Murphy, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
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.