Solar Panel Cost Guide in Prosper, TX (Mar 2023)
- Prosper Solar Installation Cost: $14,499
- 25-Year Savings: $21,347
- Payback Period: 10.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Prosper
Let's have a look at the average cost of solar in Prosper.
The average cost of a solar system in Prosper is 2.69 per watt. To cover the typical energy usage of the average home in Prosper, most homeowners require a 7.7-kilowatt system. Using the figure above, a solar installation costs around $14,499, or $20,734 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of going solar can vary depending on a few factors, such as what size system you need, your energy consumption and what company you go with. With typical savings of about $18,000 on utility bills over 20 years, many homeowners in Prosper find installing solar panels can be quite rewarding.
To receive a free estimate from a top solar company in Prosper, you can click the button below.
Solar savings over time in Prosper
| Year | Return on Investment |
|---|---|
| 1 years | $-13,065 |
| 3 years | $-10,198 |
| 5 years | $-7,330 |
| 7 years | $-4,462 |
| 9 years | $-1,594 |
| 11 years | $1,273 |
| 13 years | $4,141 |
| 15 years | $7,009 |
| 17 years | $9,876 |
| 19 years | $12,744 |
| 21 years | $15,612 |
| 23 years | $18,479 |
| 25 years | $21,347 |
Top Solar Installers in Prosper
Although it's possible to install solar panels by yourself, it takes extra effort and handiness. That's why almost all homeowners choose to hire a solar panel installer. Plus, if you're not certain what brand of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some nearby:
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 Prosper
Factors that Affect Solar Panel Costs in Prosper
The cost of installing a solar system in Prosper can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Prosper, one of the most crucial 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 determine by looking at past power bills. Your total cost can increase by about $2,690 for each additional kilowatt you need. There are many different solar panel brands and the one you choose also affects the cost. Usually, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you're looking to get 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
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Prosper, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies in Prosper, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $16,198 | 10.5 years |
| 8 kW | $2.74 | $15,365 | $21,898 | 10.3 years |
| 10 kW | $2.69 | $18,830 | $27,749 | 10.1 years |
| 12 kW | $2.64 | $22,144 | $33,751 | 9.9 years |
| 14 kW | $2.58 | $25,308 | $39,903 | 9.7 years |
| 16 kW | $2.53 | $28,320 | $46,207 | 9.5 years |
| 18 kW | $2.47 | $31,182 | $52,660 | 9.3 years |
| 20 kW | $2.42 | $33,894 | $59,265 | 9.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose greatly influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Different companies will have different brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 Prosper, TX Solar Cost FAQs
How much does it cost to install solar panels in Prosper?
The average cost of solar panels in Prosper is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Prosper?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 financial benefits from going solar.
How will installing solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Prosper is currently $333,148, which means you can expect a value of about $13,659 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Prosper is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a 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.