Solar Panel Cost Guide in Hyde Park, UT (Mar 2023)
- Hyde Park Solar Installation Cost: $9,661
- 25-Year Savings: $15,236
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hyde Park
We go over average solar pricing in Hyde Park.
The average cost of solar panels in Hyde Park is 2.68 per watt. Using this figure, a typical 5.2-kW system would cost about $9,661 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Hyde Park depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire. With average savings of about $18,000 on energy bills over 20 years, many homeowners in Hyde Park find installing solar panels can be quite rewarding.
Click the button below to get connected to a reputable solar panel company in Hyde Park for a personalized estimate.
Solar savings over time in Hyde Park
| Year | Return on Investment |
|---|---|
| 1 years | $-8,666 |
| 3 years | $-6,674 |
| 5 years | $-4,682 |
| 7 years | $-2,690 |
| 9 years | $-698 |
| 11 years | $1,293 |
| 13 years | $3,285 |
| 15 years | $5,277 |
| 17 years | $7,269 |
| 19 years | $9,260 |
| 21 years | $11,252 |
| 23 years | $13,244 |
| 25 years | $15,236 |
Top Solar Installers in Hyde Park
Although you can install solar panels by yourself, it requires extra labor and know-how. That's one of the reasons most people choose a solar panel installer. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
If you're looking for a solar installer in Hyde Park, the EcoWatch team has put together 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 Hyde Park
Factors that Affect Solar Panel Costs in Hyde Park
Though the average cost of a solar system in Hyde Park is $9,661, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,680 per kilowatt in Hyde Park. The brand of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a popular option because they decrease your upfront costs and let you 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're only able to 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 company you select will impact your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Hyde Park know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $17,310 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,380 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,601 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $35,971 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,492 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $49,162 | 9.1 years |
| 18 kW | $2.47 | $31,067 | $55,983 | 8.9 years |
| 20 kW | $2.41 | $33,768 | $62,954 | 8.7 years |
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 find the right company for you, here are some tips to keep in mind:
- Installation Process: Make sure you're aligned with the installer 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.
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's Hyde Park, UT Solar Cost FAQs
How much does it cost to install solar panels in Hyde Park?
This is a hard question to answer exactly, because the cost depends on a few different 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Hyde Park?
Solar panels aren't free in Hyde Park, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Hyde Park?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can 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 install 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.