Solar Panel Cost Guide in Covington, WA (2024 Update)
- Covington Solar Installation Cost: $10,925
- 25-Year Savings: $20,972
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Covington
Let’s take a look at the average cost of solar in Covington.
The average cost of solar panels in Covington is 4 per watt.To cover the typical energy needs of the average home in Covington, most homeowners require a 4.3-kilowatt system. Using the figure above, a solar installation costs around $10,925, or $15,623 before the federal solar tax credit of 0 is applied.
The actual price you pay can be above or below the average in Covington depending on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.But, once you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on energy bills.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Covington
| Year | Return on Investment |
|---|---|
| 1 years | $-9,649 |
| 3 years | $-7,098 |
| 5 years | $-4,546 |
| 7 years | $-1,994 |
| 9 years | $558 |
| 11 years | $3,110 |
| 13 years | $5,661 |
| 15 years | $8,213 |
| 17 years | $10,765 |
| 19 years | $13,317 |
| 21 years | $15,869 |
| 23 years | $18,421 |
| 25 years | $20,972 |
Top Solar Installers in Covington
Many homeowners opt for a solar installer since installing solar panels yourself can be challenging. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Covington
Factors that Affect Solar Panel Costs in Covington
There are several criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,590.The model of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, 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 looking into a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Covington to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to green energy can play a role in your total costs. There are about 3 solar installation companies in Covington, and each can charge different amounts for labor and equipment.Additionally, some companies in Covington are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $3.73 | $15,681 | $10,183 | 15.2 years |
| 8 kW | $3.66 | $20,506 | $13,979 | 14.9 years |
| 10 kW | $3.59 | $25,130 | $17,977 | 14.6 years |
| 12 kW | $3.52 | $29,553 | $22,175 | 14.3 years |
| 14 kW | $3.45 | $33,775 | $26,575 | 14.0 years |
| 16 kW | $3.37 | $37,796 | $31,176 | 13.7 years |
| 18 kW | $3.30 | $41,615 | $35,977 | 13.4 years |
| 20 kW | $3.23 | $45,234 | $40,980 | 13.1 years |
How to Save on Solar Panels
There are a lot of companies available in Covington, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Different companies offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated 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 positive reviews from previous customers.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Warranty: Warranties that cover defective panels 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 quality company.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Covington, WA Solar Cost FAQs
What is the average cost of installing solar panels in Covington?
The average cost of solar panels in Covington is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Covington?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will installing solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Covington is currently $620,605, so you can look forward to a value of about $25,445 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Covington is a worthwhile investment.
How often do you have to replace solar panels?
Even though 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 their energy production 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.