Solar Panel Cost Guide in Waco, TX (Mar 2023)
- Waco Solar Installation Cost: $14,292
- 25-Year Savings: $17,079
- Payback Period: 11.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Waco
Let's take a look at the average cost of solar panels in Waco.
The national average cost of solar panels is $2.66 per watt, but in Waco it's 2.69 per watt. To account for the typical energy needs of the average home in Waco, most homeowners require a 7.6-kilowatt system. Using the figure above, a solar installation costs about $14,292, or $20,438 before the federal solar tax credit of 30% is applied.
Remember 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 system you want to get, your solar contractor and more. Many homeowners find installing a solar system is a solid investment. The average homeowner in Waco can save around $16,000 on their electricity bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Waco
| Year | Return on Investment |
|---|---|
| 1 years | $-13,037 |
| 3 years | $-10,527 |
| 5 years | $-8,018 |
| 7 years | $-5,508 |
| 9 years | $-2,998 |
| 11 years | $-489 |
| 13 years | $2,021 |
| 15 years | $4,531 |
| 17 years | $7,040 |
| 19 years | $9,550 |
| 21 years | $12,060 |
| 23 years | $14,570 |
| 25 years | $17,079 |
Top Solar Installers in Waco
When making the switch to solar, many homeowners opt to use a solar installer since putting up solar panels yourself can be a difficult project. Plus, if you're unsure what brand of solar panels and equipment you want, a solar company 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 suggestions for providers in Waco:
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 Waco
Factors that Affect Solar Panel Costs in Waco
Although the average cost of a solar system in Waco is $14,292, your final cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require 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. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Waco, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable route because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installation company you choose will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that has the products, warranties and services you want and also is within your budget.
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 | $13,059 | 11.8 years |
| 8 kW | $2.74 | $15,365 | $17,713 | 11.6 years |
| 10 kW | $2.69 | $18,830 | $22,518 | 11.4 years |
| 12 kW | $2.64 | $22,144 | $27,473 | 11.2 years |
| 14 kW | $2.58 | $25,308 | $32,579 | 10.9 years |
| 16 kW | $2.53 | $28,320 | $37,836 | 10.7 years |
| 18 kW | $2.47 | $31,182 | $43,243 | 10.5 years |
| 20 kW | $2.42 | $33,894 | $48,801 | 10.2 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 decide on the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: Look through the contract terms thoroughly to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide good-quality solar panel installation and expertise.
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 Waco, TX Solar Cost FAQs
How much does it cost to install solar panels in Waco?
This is a difficult question to answer precisely, because the cost depends on a few different 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Waco?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $826.95 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home 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.