Solar Panel Cost Guide in Draper, UT (Oct 2022)
- Draper Solar Installation Cost: $9,793
- 25-Year Savings: $13,924
- Payback Period: 10.3 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Draper
Find out how much it might cost to go solar in Draper.
In Draper, solar panels cost about $3 per watt on average. The average Draper homeowner needs a 5.2-kilowatt system, which would cost about $9,793, or $7,247 after the federal solar tax credit of 30% is applied.
These figures are just estimates, and your own solar costs may differ based on your specific situation and what company you choose to go with. With typical savings of about $17,000 on utility bills over 20 years, many homeowners in Draper find going solar can be quite rewarding.
To receive a free quote from a vetted solar company in Draper, you can click the button below.
Solar savings over time in Draper
| Year | Return on Investment |
|---|---|
| 1 years | $-8,844 |
| 3 years | $-6,947 |
| 5 years | $-5,049 |
| 7 years | $-3,152 |
| 9 years | $-1,255 |
| 11 years | $642 |
| 13 years | $2,540 |
| 15 years | $4,437 |
| 17 years | $6,334 |
| 19 years | $8,232 |
| 21 years | $10,129 |
| 23 years | $12,026 |
| 25 years | $13,924 |
Top Solar Installers in Draper
When making the switch to solar, many homeowners decide to use a solar company since handling can be a challenging project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Draper, the EcoWatch team has compiled a list of our top suggestions here:
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 Draper
Factors that Affect Solar Panel Costs in Draper
For many Draper homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Draper, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment Size
The size of the system you need is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Draper average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Draper, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your total costs, so it's important to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the massive popularity of green energy solutions in Draper, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, 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 | $2.79 | $11,706 | $15,528 | 10.7 years |
| 8 kW | $2.73 | $15,308 | $21,005 | 10.5 years |
| 10 kW | $2.68 | $18,760 | $26,631 | 10.3 years |
| 12 kW | $2.63 | $22,062 | $32,407 | 10.1 years |
| 14 kW | $2.57 | $25,213 | $38,334 | 9.9 years |
| 16 kW | $2.52 | $28,215 | $44,410 | 9.7 years |
| 18 kW | $2.47 | $31,067 | $50,637 | 9.5 years |
| 20 kW | $2.41 | $33,768 | $57,014 | 9.3 years |
Solar Incentives in Draper
| Name | Renewable Energy Systems Tax Credit (Corporate) |
| Website | Visit here |
| More Info | Click here |
| Name | Renewable Energy Systems Tax Credit (Personal) |
| Website | Visit here |
| More Info | Click here |
| Name | Rocky Mountain Power - wattsmart Residential Efficiency Program |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: When going solar, it's important to keep an open line of communication with your solar company. Make sure you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's Draper, UT Solar Cost FAQs
What is the average cost of installing solar panels in Draper?
The average cost of solar panels in Draper is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type 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 Draper?
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 home 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 financial benefits from going solar.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Draper is currently $403,672, which means you could be looking at a value of about $16,551 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Draper is a fruitful investment.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.
