Solar Panel Cost Guide in Redwood, TX (Mar 2023)
- Redwood Solar Installation Cost: $14,141
- 25-Year Savings: $25,083
- Payback Period: 9.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Redwood
See how much it might cost to go solar in Redwood.
The average cost of solar panels in Redwood is 2.69 per watt. The average Redwood homeowner needs a 7.5-kilowatt system, which would cost about $14,141 with the federal tax credit, or $20,222 before the 30% tax credit is applied.
These figures are only averages, and your own solar costs may vary based on your specific situation and what company you go with. But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $20,000 over 20 years on energy bills.
To receive a free quote from a highly rated solar company in Redwood, you can click the button below.
Solar savings over time in Redwood
| Year | Return on Investment |
|---|---|
| 1 years | $-12,572 |
| 3 years | $-9,434 |
| 5 years | $-6,296 |
| 7 years | $-3,159 |
| 9 years | $-21 |
| 11 years | $3,117 |
| 13 years | $6,255 |
| 15 years | $9,393 |
| 17 years | $12,531 |
| 19 years | $15,669 |
| 21 years | $18,807 |
| 23 years | $21,945 |
| 25 years | $25,083 |
Top Solar Installers in Redwood
Although you can install solar panels by yourself, it takes extra time and know-how. For that reason, almost all homeowners choose to hire a solar panel installer. Plus, if you aren't sure what kind of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
If you'd like to switch to solar energy but still aren't certain which solar installer to go with, here are our recommendations for providers near you:
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 Redwood
Factors that Affect Solar Panel Costs in Redwood
For many Redwood homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Redwood, 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
When it comes to estimating the cost of a solar panel system in Redwood, 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 gauge by looking at past electricity bills. Your total cost can increase by about $2,690 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Redwood to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. It's wise to include 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 back the loan.
Solar Panel Installation Company
The solar company you choose will impact your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $19,607 | 9.4 years |
| 8 kW | $2.74 | $15,365 | $26,444 | 9.2 years |
| 10 kW | $2.69 | $18,830 | $33,432 | 9.0 years |
| 12 kW | $2.64 | $22,144 | $40,570 | 8.8 years |
| 14 kW | $2.58 | $25,308 | $47,859 | 8.6 years |
| 16 kW | $2.53 | $28,320 | $55,298 | 8.5 years |
| 18 kW | $2.47 | $31,182 | $62,888 | 8.3 years |
| 20 kW | $2.42 | $33,894 | $70,629 | 8.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: The kind of solar panel you need to get plays a part in which company you should opt for, since different companies offer different panels.
- Installation Process: When making the switch to solar power, it's important to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project timeline.
- Contract: Before you sign a contract with a solar installer, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
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 Redwood, TX Solar Cost FAQs
How much does it cost to install solar panels in Redwood?
The average cost of solar panels in Redwood is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind 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 Redwood?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 maximize your savings.
How will installing solar panels impact how much my home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
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 level 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.