Solar Panel Cost Guide in Midway, UT (2023 Update)
- Midway Solar Installation Cost: $9,624
- 25-Year Savings: $16,553
- Payback Period: 9.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Midway
Find out what the average cost of solar panel installation is in Midway.
In Midway, solar panels cost about 2.68 per watt on average. The average Midway homeowner needs a 5.1-kilowatt system, which would cost about $9,624 with the federal tax credit, or $13,762 before the 30% tax credit is applied.
These figures are only averages, and how much solar costs for you will vary based on the amount of energy your home requires and what company you want to go with. For most homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $19,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Midway
| Year | Return on Investment |
|---|---|
| 1 years | $-8,577 |
| 3 years | $-6,483 |
| 5 years | $-4,389 |
| 7 years | $-2,294 |
| 9 years | $-200 |
| 11 years | $1,894 |
| 13 years | $3,988 |
| 15 years | $6,082 |
| 17 years | $8,176 |
| 19 years | $10,270 |
| 21 years | $12,364 |
| 23 years | $14,458 |
| 25 years | $16,553 |
Top Solar Installers in Midway
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be a labor-intensive endeavor. The expertise that solar companies provide can be helpful as well, particularly if you don't quite know what brand of solar equipment you need.
There are several licensed solar professionals that can take care of your solar installation project. 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 Midway
Factors that Affect Solar Panel Costs in Midway
Though the average cost of a solar system in Midway is $9,624, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $2,680 per kilowatt in Midway. The type of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to decide on 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 solar panels out of pocket is too expensive, solar loans are an affordable route because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can affect how much it costs. Midway's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $18,912 | 9.6 years |
| 8 kW | $2.73 | $15,308 | $25,517 | 9.4 years |
| 10 kW | $2.68 | $18,760 | $32,271 | 9.2 years |
| 12 kW | $2.63 | $22,062 | $39,175 | 9.0 years |
| 14 kW | $2.57 | $25,213 | $46,230 | 8.8 years |
| 16 kW | $2.52 | $28,215 | $53,434 | 8.6 years |
| 18 kW | $2.47 | $31,067 | $60,789 | 8.5 years |
| 20 kW | $2.41 | $33,768 | $68,294 | 8.3 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's Midway, UT Solar Cost FAQs
What is the average cost of installing solar panels in Midway?
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 more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Midway?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The drawback 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 maximize your savings.
Is making the switch to solar worth it?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Midway?
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 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.