Solar Panel Cost Guide in Troy, WI (Feb 2023)
- Troy Solar Installation Cost: $13,395
- 25-Year Savings: $21,680
- Payback Period: 9.6 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Troy
Find out what the average cost of solar panel installation is in Troy.
The average cost of solar panels in Troy is $3 per watt. Using this figure, a typical 7.4 would cost about $13,395 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of going solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. With typical savings of about $18,000 on energy bills over 20 years, many homeowners in Troy find going solar can be quite rewarding.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-11,992 |
| 3 years | $-9,186 |
| 5 years | $-6,380 |
| 7 years | $-3,574 |
| 9 years | $-768 |
| 11 years | $2,038 |
| 13 years | $4,844 |
| 15 years | $7,650 |
| 17 years | $10,456 |
| 19 years | $13,262 |
| 21 years | $16,068 |
| 23 years | $18,874 |
| 25 years | $21,680 |
Top Solar Installers in Troy
Many homeowners choose to use a solar installation company since trying to install solar panels by yourself can be time-consuming. Plus, if you're unsure what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
If you'd like to switch to solar energy but still aren't sure which solar system installer to go with, here are our suggestions for providers in Troy:
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 Troy
Factors that Affect Solar Panel Costs in Troy
For many Troy homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Troy, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels 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 about $2,600 per kilowatt in Troy. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Troy homeowners opt to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also increases your total costs, so it's crucial to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Troy is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you'll have many options for solar installers that offer a range of services at different costs. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $2.70 | $11,357 | $17,225 | 9.9 years |
| 8 kW | $2.65 | $14,851 | $23,258 | 9.7 years |
| 10 kW | $2.60 | $18,200 | $29,437 | 9.6 years |
| 12 kW | $2.55 | $21,403 | $35,761 | 9.4 years |
| 14 kW | $2.50 | $24,461 | $42,231 | 9.2 years |
| 16 kW | $2.44 | $27,373 | $48,846 | 9.0 years |
| 18 kW | $2.39 | $30,139 | $55,607 | 8.8 years |
| 20 kW | $2.34 | $32,760 | $62,513 | 8.6 years |
How to Save on Solar Panels
The solar company you go with will impact not only your overall 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 keep in mind, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer good-quality solar panel installation and expertise.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
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 Troy, WI Solar Cost FAQs
How much does it cost to install solar panels in Troy?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $13,000 for a 5-kW system and $26,000 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 higher-than-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Troy?
Leasing solar panels can be an appealing choice, as it usually 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will installing solar panels impact my property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Troy?
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 higher 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.