Solar Panel Cost Guide in Prosper, TX (2023 Update)
- Prosper Solar Installation Cost: $14,491
- 25-Year Savings: $21,355
- Payback Period: 10.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Prosper
Find out what the average cost of installing solar panels is in Prosper.
The national average cost of solar panels is $2.66 per watt, but in Prosper it's 2.69 per watt. Since a 7.7-kW system is needed to cover the energy needs of a typical home in Prosper, the average price of going solar will be about $14,499 after claiming the federal solar tax credit of 30%.
These figures are only averages, and how much solar costs for you will most likely differ based on the amount of energy your home requires and what company you go with. Many homeowners find going solar is a solid investment. The average homeowner in Prosper can save around $18,000 on their energy bills over 20 years.
Click the button below to get connected to a reputable solar company in Prosper for a customized estimate.
Solar savings over time in Prosper
| Year | Return on Investment |
|---|---|
| 1 years | $-14,371 |
| 3 years | $-14,133 |
| 5 years | $-13,894 |
| 7 years | $-13,655 |
| 9 years | $-13,416 |
| 11 years | $-13,177 |
| 13 years | $-12,938 |
| 15 years | $-12,699 |
| 17 years | $-12,460 |
| 19 years | $-12,221 |
| 21 years | $-11,982 |
| 23 years | $-11,743 |
| 25 years | $-11,504 |
Top Solar Installers in Prosper
Installing solar panels by yourself can be a difficult undertaking, which is why using a solar installer is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are various licensed solar professionals that can install solar panels for you. 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 Prosper
Factors that Affect Solar Panel Costs in Prosper
For many Prosper homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Prosper, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The brand of solar panels and equipment you want is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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 into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are an affordable option because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. It's a good idea 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 the amount of time it'll take to pay back 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
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.