Solar Panel Cost Guide in American Fork, UT (Aug 2022)
- American Fork Solar Installation Cost: $10,332
- 25-Year Savings: $13,384
- Payback Period: 10.9 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in American Fork
Find out how much it might cost to switch to solar power in American Fork.
The national average cost of solar panels is $2.66 per watt, but in American Fork it's $3 per watt. To account for the typical energy usage of the average home in American Fork, most homeowners require a 5.2-kilowatt system. Using the figure above, a solar installation costs around $10,332, or $7,646 after the federal solar tax credit is applied.
These figures are only estimates, and your own solar costs will vary based on your energy needs and what company you choose to go with. But, after you've paid the initial cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $17,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in American Fork
| Year | Return on Investment |
|---|---|
| 1 years | $-9,384 |
| 3 years | $-7,487 |
| 5 years | $-5,589 |
| 7 years | $-3,692 |
| 9 years | $-1,795 |
| 11 years | $103 |
| 13 years | $2,000 |
| 15 years | $3,897 |
| 17 years | $5,795 |
| 19 years | $7,692 |
| 21 years | $9,589 |
| 23 years | $11,486 |
| 25 years | $13,384 |
Top Solar Installers in American Fork
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Hiring a solar company can make converting to solar much easier. The payback period on a solar system will vary depending on factors like your roof configuration and energy consumption, but going with a solar installer can shorten it. Your provider will be able to help you get the most out of incentives available in your area.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
See all of the solar companies in American Fork
Factors that Affect Solar Panel Costs in American Fork
The cost of installing a solar system in American Fork can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment Size
When it comes to estimating the cost of a solar panel system in American Fork, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the American Fork average.
Solar Financing Terms
Many homeowners find the average cost of solar in American Fork to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. However, the interest on solar loans also adds to your overall costs, so it's vital to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the massive popularity of sustainable energy solutions in American Fork, you'll have many options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in American Fork know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $2.79 | $12,375 | $14,944 | 11.3 years |
| 8 kW | $2.73 | $16,183 | $20,243 | 11.1 years |
| 10 kW | $2.68 | $19,832 | $25,700 | 10.9 years |
| 12 kW | $2.63 | $23,322 | $31,316 | 10.7 years |
| 14 kW | $2.57 | $26,654 | $37,090 | 10.5 years |
| 16 kW | $2.52 | $29,827 | $43,024 | 10.2 years |
| 18 kW | $2.47 | $32,842 | $49,116 | 10.0 years |
| 20 kW | $2.41 | $35,698 | $55,366 | 9.8 years |
Solar Incentives in American Fork
| Name | Renewable Energy Systems Tax Credit (Corporate) |
| Incentive Amount | Commercial wind, geothermal electric, and biomass systems 660 kW or greater, and solar PV systems 2 MW or greater: 0.35¢/kWh ($0.0035/kWh) for 4 years Other commercial technologies and commercial wind, geothermal electric, solar PV, and biomass systems smaller than 600 kW: 10% of installed cost Photovoltaic systems between 660 kW and 2 MW: May choose either 0.35¢/kWh ($0.0035/kWh) for 4 years or 10% of installed cost |
| Incentive Max | Residential: $2,000 Commercial Production Tax Credit: No limit Commercial Investment Tax Credit: $50,000 |
| Website | Visit here |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Renewable Energy Systems Tax Credit (Personal) |
| Incentive Amount | Residential: 25% Commercial wind, geothermal electric, and biomass systems 660 kW or greater 0.35¢/kWh ($0.0035/kWh) for 4 years Other commercial technologies and commercial wind, geothermal electric, and biomass systems smaller than 660 kW: 10% of installed cost Solar photovoltaic systems 2 MW or greater: 0.35¢/kWh ($0.0035/kWh) for 4 years Solar photovoltaic systems smaller than 660 kW: 10% of installed costSolar photovoltaic systems between 660 kW and 2 MW: May choose either 0.35¢/kWh ($0.0035/kWh) for 4 years or 10% of installed cost |
| Incentive Max | Residential: $2,000 (phases down for PV systems beginning in 2018) Commercial Production Tax Credit: No limit Commercial Investment Tax Credit: $50,000 |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: The type of solar panel you want to get plays a part in which company you should choose, since different companies have access to different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely have a good reputation and are qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's American Fork, UT Solar Cost FAQs
What is the average cost of installing solar panels in American Fork?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in American Fork, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in American Fork?
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 larger amount 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.
