Solar Panel Cost Guide in Wake Village, TX (Mar 2023)
- Wake Village Solar Installation Cost: $14,895
- 25-Year Savings: $22,293
- Payback Period: 10.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Wake Village
See how much it might cost to go solar in Wake Village.
The national average cost of solar panels is $2.66 per watt, but in Wake Village it's 2.69 per watt. The average Wake Village homeowner needs a 7.9-kilowatt system, which would cost about $14,895 with the federal tax credit, or $21,300 before the 30% tax credit is applied.
These figures are just averages, and how much solar costs for you may vary based on the amount of energy your home requires and what company you choose to go with. With average savings of about $18,000 on electricity bills over 20 years, many homeowners in Wake Village find installing solar panels has a decent ROI.
To get a free quote from a vetted solar installation company in Wake Village, you can click the button below.
Solar savings over time in Wake Village
| Year | Return on Investment |
|---|---|
| 1 years | $-13,407 |
| 3 years | $-10,432 |
| 5 years | $-7,457 |
| 7 years | $-4,482 |
| 9 years | $-1,507 |
| 11 years | $1,468 |
| 13 years | $4,443 |
| 15 years | $7,418 |
| 17 years | $10,393 |
| 19 years | $13,368 |
| 21 years | $16,343 |
| 23 years | $19,318 |
| 25 years | $22,293 |
Top Solar Installers in Wake Village
Trying to put up solar panels by yourself can be a time-consuming project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers provide can be valuable as well, especially if you don't quite know what kind of solar equipment would be right for your home.
If you'd like to start using solar energy but still aren't certain which solar panel 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 Wake Village
Factors that Affect Solar Panel Costs in Wake Village
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average in Wake Village: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Wake Village, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $2,690 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you're looking to install 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 a solar system out of pocket can be difficult. Solar loans are offered by most installers in Wake Village, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's crucial to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in Wake Village, you'll have many options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $16,451 | 10.4 years |
| 8 kW | $2.74 | $15,365 | $22,236 | 10.2 years |
| 10 kW | $2.69 | $18,830 | $28,172 | 10.0 years |
| 12 kW | $2.64 | $22,144 | $34,258 | 9.8 years |
| 14 kW | $2.58 | $25,308 | $40,495 | 9.6 years |
| 16 kW | $2.53 | $28,320 | $46,882 | 9.4 years |
| 18 kW | $2.47 | $31,182 | $53,420 | 9.2 years |
| 20 kW | $2.42 | $33,894 | $60,109 | 9.0 years |
How to Save on Solar Panels
The solar company you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, such as:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years 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 Wake Village, TX Solar Cost FAQs
What is the average cost of installing solar panels in Wake Village?
The average cost of solar panels in Wake Village 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 things like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Wake Village?
Leasing solar panels can be an appealing choice, as it usually 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 get the most savings.
How will having solar panels impact my home value?
Solar panels can increase your property's value significantly 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 solar panels."
How long do solar panels last in Wake Village?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.