Solar Panel Cost Guide in Olney, TX (Mar 2023)
- Olney Solar Installation Cost: $13,915
- 25-Year Savings: $19,018
- Payback Period: 10.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Olney
See how much it might cost to switch to solar power in Olney.
The average cost of a solar panel system in Olney is 2.69 per watt. Using this figure, a typical 7.4-kW system would cost about $13,915 before the 30% federal solar tax credit is applied.
The actual price you pay can go higher or lower than the average in Olney based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire. With average savings of about $17,000 on power bills over 20 years, many homeowners in Olney find investing in solar can be quite rewarding.
You can click the button below to get connected with a vetted solar installer in Olney that can help you get a more accurate cost estimate for your home.
Solar savings over time in Olney
| Year | Return on Investment |
|---|---|
| 1 years | $-12,598 |
| 3 years | $-9,963 |
| 5 years | $-7,329 |
| 7 years | $-4,694 |
| 9 years | $-2,059 |
| 11 years | $575 |
| 13 years | $3,210 |
| 15 years | $5,845 |
| 17 years | $8,480 |
| 19 years | $11,114 |
| 21 years | $13,749 |
| 23 years | $16,384 |
| 25 years | $19,018 |
Top Solar Installers in Olney
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Taking advantage of a solar panel installer can make swapping over to solar power much easier. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you're looking for a solar company in Olney, we've put together 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 (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 Olney
Factors that Affect Solar Panel Costs in Olney
There are many factors that can play into your 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
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater 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 $2,690. The brand of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
Most solar installers in Olney offer solar loans, which reduce the initial cost of installing solar panels. It's a good idea to add 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 how long it'll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Olney is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services at different price points. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions 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 | $14,997 | 11.0 years |
| 8 kW | $2.74 | $15,365 | $20,297 | 10.8 years |
| 10 kW | $2.69 | $18,830 | $25,748 | 10.6 years |
| 12 kW | $2.64 | $22,144 | $31,350 | 10.3 years |
| 14 kW | $2.58 | $25,308 | $37,102 | 10.1 years |
| 16 kW | $2.53 | $28,320 | $43,004 | 9.9 years |
| 18 kW | $2.47 | $31,182 | $49,058 | 9.7 years |
| 20 kW | $2.42 | $33,894 | $55,262 | 9.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose considerably impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
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 Olney, TX Solar Cost FAQs
How much does it cost to install solar panels in Olney?
This is a difficult question to answer exactly, because the cost depends on many 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. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Olney?
A solar panel system isn't free in Olney, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can you sell solar power back to the grid in Olney?
Most states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Olney?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can choose to 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.