Solar Panel Cost Guide in Elk Ridge, UT (Sep 2022)
- Elk Ridge Solar Installation Cost: $9,774
- 25-Year Savings: $16,234
- Payback Period: 9.4 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Elk Ridge
Find out how much it might cost to go solar in Elk Ridge.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elk Ridge, the average cost of solar panels is $3 per watt. Since a 5.2-kW system is needed to cover the energy needs of a typical home in Elk Ridge, the average price of going solar will be about $9,774 before claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Elk Ridge homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the large upfront cost, the average Elk Ridge homeowner can save around $19,000 on their power bills over 20 years, which is one of the advantages of solar.
To get a free quote from a pre-vetted solar installer in Elk Ridge, you can click the button below.
Solar savings over time in Elk Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-8,734 |
| 3 years | $-6,653 |
| 5 years | $-4,572 |
| 7 years | $-2,492 |
| 9 years | $-411 |
| 11 years | $1,670 |
| 13 years | $3,750 |
| 15 years | $5,831 |
| 17 years | $7,911 |
| 19 years | $9,992 |
| 21 years | $12,073 |
| 23 years | $14,153 |
| 25 years | $16,234 |
Top Solar Installers in Elk Ridge
Installing solar panels on your own can be a dangerous project, which is why getting a solar installation company is a good option for many homeowners. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Elk Ridge
Factors that Affect Solar Panel Costs in Elk Ridge
The cost of installing a solar system in Elk Ridge can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment Size
The size of the solar panel system you need for your household is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,680. The kind of solar equipment you choose can increase or decrease your cost 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, more efficient panels could save you more in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Elk Ridge average.
Solar Financing Terms
Many homeowners find the average cost of solar in Elk Ridge to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Elk Ridge is the company you choose to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in Elk Ridge have more knowledge about local solar incentives and can help you make good use 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 | $11,706 | $18,253 | 9.8 years |
| 8 kW | $2.73 | $15,308 | $24,637 | 9.6 years |
| 10 kW | $2.68 | $18,760 | $31,172 | 9.4 years |
| 12 kW | $2.63 | $22,062 | $37,857 | 9.2 years |
| 14 kW | $2.57 | $25,213 | $44,691 | 9.0 years |
| 16 kW | $2.52 | $28,215 | $51,676 | 8.8 years |
| 18 kW | $2.47 | $31,067 | $58,811 | 8.6 years |
| 20 kW | $2.41 | $33,768 | $66,096 | 8.5 years |
Solar Incentives in Elk Ridge
| 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 companies available in Elk Ridge, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies 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 opt for.
- Installation Process: Make sure you're on the same page with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a quality company.
- Contract: When reading through your solar installer's contract, ask for clarification 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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's Elk Ridge, UT Solar Cost FAQs
What is the average cost of installing solar panels in Elk Ridge?
This is a tough question to answer exactly, 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 be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Are solar panels free in Elk Ridge?
A solar panel system isn't free in Elk Ridge, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Elk Ridge?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.
