Solar Panel Cost Guide in Murray, UT (2023 Update)
- Murray Solar Installation Cost: $9,832
- 25-Year Savings: $13,814
- Payback Period: 10.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Murray
Find out what the average cost of solar panel installation is in Murray.
The national average cost of solar panels is $2.66 per watt, but in Murray it's 2.68 per watt. To cover the typical energy usage of the average home in Murray, most homeowners require a 5.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,830, or $14,057 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $17,000 over 20 years on power bills.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Murray
| Year | Return on Investment |
|---|---|
| 1 years | $-9,753 |
| 3 years | $-9,596 |
| 5 years | $-9,438 |
| 7 years | $-9,281 |
| 9 years | $-9,123 |
| 11 years | $-8,965 |
| 13 years | $-8,808 |
| 15 years | $-8,650 |
| 17 years | $-8,492 |
| 19 years | $-8,335 |
| 21 years | $-8,177 |
| 23 years | $-8,019 |
| 25 years | $-7,862 |
Top Solar Installers in Murray
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make your switch to solar power much easier. Companies can also offer access to a large variety of the best solar panels and help you pick which one will be right for you.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Murray
Factors that Affect Solar Panel Costs in Murray
While the average cost of a solar system in Murray is $9,830, your final cost may differ. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Murray, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. The kind of solar panels and equipment you choose is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Plus, solar equipment goes beyond 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 researching a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Murray offer solar loans, which reduce the initial cost of installing a solar system. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Murray, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $15,364 | 10.8 years |
| 8 kW | $2.73 | $15,308 | $20,785 | 10.6 years |
| 10 kW | $2.68 | $18,760 | $26,357 | 10.4 years |
| 12 kW | $2.63 | $22,062 | $32,079 | 10.2 years |
| 14 kW | $2.57 | $25,213 | $37,950 | 10.0 years |
| 16 kW | $2.52 | $28,215 | $43,972 | 9.8 years |
| 18 kW | $2.47 | $31,067 | $50,144 | 9.6 years |
| 20 kW | $2.41 | $33,768 | $56,466 | 9.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose significantly affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers 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 choose.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Murray, UT Solar Cost FAQs
How much does it cost to install solar panels in Murray?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly 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 above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Murray?
Leasing solar panels can be an option if you can't afford to pay upfront or get 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 bang for your buck from going solar.
Can you sell solar power back to the grid in Murray?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Although 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 the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using 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.