Solar Panel Cost Guide in Troy, WI (2023 Update)
- Troy Solar Installation Cost: $13,401
- 25-Year Savings: $21,674
- Payback Period: 9.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Troy
We go over average solar pricing in Troy.
The national average cost of solar panels is $2.66 per watt, but in Troy it's 2.6 per watt. Using this figure, a typical 7.4-kW system would cost about $13,395 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Troy homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Troy see about $18,000 in savings on utility bills over 20 years.
To receive a free estimate from a highly rated solar installer in Troy, you can click the button below.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-12,296 |
| 3 years | $-10,088 |
| 5 years | $-7,879 |
| 7 years | $-5,671 |
| 9 years | $-3,462 |
| 11 years | $-1,254 |
| 13 years | $955 |
| 15 years | $3,163 |
| 17 years | $5,372 |
| 19 years | $7,580 |
| 21 years | $9,789 |
| 23 years | $11,997 |
| 25 years | $14,206 |
Top Solar Installers in Troy
When switching to solar energy, many homeowners prefer to go with a solar company since DIY solar panel installation can be a time-consuming project. Plus, if you aren't sure what type of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar installer in Troy, we've put together a list of our top suggestions here:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Troy
Factors that Affect Solar Panel Costs in Troy
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Troy: 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 Troy, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $2,600 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to install 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
Most solar installers in Troy provide solar loans, which reduce your upfront costs of installing solar. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only 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 interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Troy is the company you hire to install your solar system. As with choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services at different price points. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also fit into your budget.
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
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Troy, WI Solar Cost FAQs
What is the average cost of installing solar panels in Troy?
The average cost of solar panels in Troy is about $13,000 for a 5-kW system and $26,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like 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 Troy?
Leasing solar panels can be an attractive choice, because it often 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 get the most savings.
Do solar panels increase the value of your home?
Solar panels can increase your property's value remarkably 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% after installing a solar system."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.