Solar Panel Cost Guide in Orem, UT (Mar 2023)
- Orem Solar Installation Cost: $9,774
- 25-Year Savings: $15,311
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Orem
Let's have a look at the average cost of solar in Orem.
The average cost of a solar system in Orem is 2.68 per watt. The average solar panel system size in Orem is around 5.2 kilowatts, meaning a cost of about $9,774 for a solar installation, or $13,977 before the 30% federal solar tax credit is applied.
The actual price you pay can go above or below the average in Orem based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire. Even with the large initial cost, the average Orem homeowner can save about $18,000 on their energy bills over 20 years, which is one of the positives of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Orem
| Year | Return on Investment |
|---|---|
| 1 years | $-8,771 |
| 3 years | $-6,764 |
| 5 years | $-4,757 |
| 7 years | $-2,750 |
| 9 years | $-743 |
| 11 years | $1,263 |
| 13 years | $3,270 |
| 15 years | $5,277 |
| 17 years | $7,284 |
| 19 years | $9,291 |
| 21 years | $11,297 |
| 23 years | $13,304 |
| 25 years | $15,311 |
Top Solar Installers in Orem
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar company can make your switch to solar power much easier. Plus, if you're not certain what brand of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Orem
Factors that Affect Solar Panel Costs in Orem
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Orem: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Orem, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can determine by looking at past energy bills. Your overall cost can increase by about $2,680 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also affects the cost. Typically, the brands that are more efficient tend to also cost more. In addition, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average. While solar loans make switching to solar energy more accessible for Orem homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you select will impact your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more 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 discount 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 | $17,190 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,220 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,400 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $35,730 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,210 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $48,841 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $55,621 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $62,552 | 8.8 years |
How to Save on Solar Panels
The solar panel company you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While 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 be sure to take a look at their list of options before deciding.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's Orem, UT Solar Cost FAQs
How much does it cost to install solar panels in Orem?
The average cost of solar panels in Orem 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 stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Orem?
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.
Does Orem have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future power bills.
How long do solar panels last in Orem?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.