Solar Panel Cost Guide in Park City, UT (2023 Update)
- Park City Solar Installation Cost: $9,680
- 25-Year Savings: $16,496
- Payback Period: 9.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Park City
Find out what the average cost of solar panel installation is in Park City.
In Park City, solar panels cost about 2.68 per watt on average. To account for the typical energy needs of the average home in Park City, most homeowners require a 5.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,680, or $13,842 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of solar system you want to get, your solar contractor and more. For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $19,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Park City for a quote for your home.
Solar savings over time in Park City
| Year | Return on Investment |
|---|---|
| 1 years | $-8,633 |
| 3 years | $-6,539 |
| 5 years | $-4,445 |
| 7 years | $-2,351 |
| 9 years | $-257 |
| 11 years | $1,838 |
| 13 years | $3,932 |
| 15 years | $6,026 |
| 17 years | $8,120 |
| 19 years | $10,214 |
| 21 years | $12,308 |
| 23 years | $14,402 |
| 25 years | $16,496 |
Top Solar Installers in Park City
Many homeowners opt for a solar panel installer since trying to install solar panels on your own can be a lot of work. Companies can also offer access to a large variety of the best solar panels and help you choose which one will be right for your home.
There are a number of licensed solar professionals that can help you install your solar system. 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 Park City
Factors that Affect Solar Panel Costs in Park City
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Park City: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,680. There are a lot of different solar panel brands and the one you pick also changes the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid option because they reduce your upfront costs and allow you to 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 loans, 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 finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can affect the cost. Park City's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Park City 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 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 | $18,718 | 9.6 years |
| 8 kW | $2.73 | $15,308 | $25,258 | 9.4 years |
| 10 kW | $2.68 | $18,760 | $31,947 | 9.2 years |
| 12 kW | $2.63 | $22,062 | $38,787 | 9.1 years |
| 14 kW | $2.57 | $25,213 | $45,777 | 8.9 years |
| 16 kW | $2.52 | $28,215 | $52,916 | 8.7 years |
| 18 kW | $2.47 | $31,067 | $60,206 | 8.5 years |
| 20 kW | $2.41 | $33,768 | $67,646 | 8.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- 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 substantial role in the company you go with.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Warranty: If you care about the longevity of your solar panel system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Park City, UT Solar Cost FAQs
What is the average cost of installing solar panels in Park City?
The average cost of solar panels in Park City 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Park City?
Leasing solar panels can be an option if you can't 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 bang for your buck from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.