Solar Panel Cost Guide in University Park, TX (2023 Update)
- University Park Solar Installation Cost: $14,480
- 25-Year Savings: $22,707
- Payback Period: 9.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in University Park
Let's have a look at the average cost of solar in University Park.
The national average cost of solar panels is $2.66 per watt, but in University Park it's 2.69 per watt. The average solar panel system size in University Park is around 7.7 kilowatts, meaning a cost of about $14,480 for a solar installation, or $20,706 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $19,000 over 20 years on electricity bills.
To receive a free quote from a pre-vetted solar installer in University Park, you can click the button below.
Solar savings over time in University Park
| Year | Return on Investment |
|---|---|
| 1 years | $-12,993 |
| 3 years | $-10,018 |
| 5 years | $-7,043 |
| 7 years | $-4,068 |
| 9 years | $-1,093 |
| 11 years | $1,882 |
| 13 years | $4,857 |
| 15 years | $7,832 |
| 17 years | $10,807 |
| 19 years | $13,782 |
| 21 years | $16,757 |
| 23 years | $19,732 |
| 25 years | $22,707 |
Top Solar Installers in University Park
When switching to solar energy, many homeowners prefer to use a solar installer since installing a solar system yourself can be a time-consuming project. Another great thing about going with a reputable solar installer is that it'll likely provide warranties and free repairs, which help protect your solar investment.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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 University Park
Factors that Affect Solar Panel Costs in University Park
For many University Park homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in University Park, 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
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $2,690 per kilowatt in University Park. There are several different solar panel brands and the one you pick also changes the cost. Typically, the brands that have better efficiency tend to also be more expensive. 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 panels out of pocket can be difficult. Solar loans are provided by most installers in University Park, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in University Park, and each can charge different amounts for labor and equipment. Additionally, some companies in University Park have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $17,257 | 10.1 years |
| 8 kW | $2.74 | $15,365 | $23,311 | 9.9 years |
| 10 kW | $2.69 | $18,830 | $29,515 | 9.7 years |
| 12 kW | $2.64 | $22,144 | $35,870 | 9.5 years |
| 14 kW | $2.58 | $25,308 | $42,375 | 9.3 years |
| 16 kW | $2.53 | $28,320 | $49,031 | 9.2 years |
| 18 kW | $2.47 | $31,182 | $55,838 | 9.0 years |
| 20 kW | $2.42 | $33,894 | $62,796 | 8.8 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:
- Warranty: If you're worried about the longevity of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
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 University Park, TX Solar Cost FAQs
How much does it cost to install solar panels in University Park?
This is a difficult question to answer exactly, because the cost depends on a few different 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in University Park?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 bang for your buck from going solar.
How will having solar panels impact how much my home is worth?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.