Solar Panel Cost Guide in Margaret, AL (2024 Update)
- Margaret Solar Installation Cost: $22,355
- 25-Year Savings: $35,634
- Payback Period: 10.9 Years
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Average Cost of Solar Panels in Margaret
We go over average solar pricing in Margaret.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Margaret, the typical cost of a solar system is 3 per watt.The average Margaret homeowner needs a 9.2-kilowatt system, which would cost about $22,355 with the federal tax credit, or $31,968 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what installation company you go with.With typical savings of about $21,000 on electricity bills over 20 years, many homeowners in Margaret find installing solar panels can pay off big.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Margaret
| Year | Return on Investment |
|---|---|
| 1 years | $-20,507 |
| 3 years | $-16,812 |
| 5 years | $-13,117 |
| 7 years | $-9,422 |
| 9 years | $-5,727 |
| 11 years | $-2,032 |
| 13 years | $1,663 |
| 15 years | $5,359 |
| 17 years | $9,054 |
| 19 years | $12,749 |
| 21 years | $16,444 |
| 23 years | $20,139 |
| 25 years | $23,834 |
Top Solar Installers in Margaret
Putting up solar panels by yourself can be a stressful project, which is why hiring a solar installer is a good option for many homeowners. Another great thing about going with a top solar installer is that it'll likely provide warranties and free repairs, which help protect your investment.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
See all of the solar companies in Margaret
Factors that Affect Solar Panel Costs in Margaret
There are a number of factors that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.There are a lot of different solar panel brands and the one you choose also changes the cost. Usually, the brands that are more efficient tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Margaret homeowners choose to finance their solar panel systems to make going solar more affordable.Even though solar loans make going solar more accessible for Margaret homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can affect your pricing. Margaret’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Margaret are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $3.63 | $15,244 | $18,411 | 11.3 years |
| 8 kW | $3.56 | $19,935 | $24,938 | 11.1 years |
| 10 kW | $3.49 | $24,430 | $31,661 | 10.9 years |
| 12 kW | $3.42 | $28,730 | $38,580 | 10.7 years |
| 14 kW | $3.35 | $32,834 | $45,694 | 10.5 years |
| 16 kW | $3.28 | $36,743 | $53,004 | 10.2 years |
| 18 kW | $3.21 | $40,456 | $60,509 | 10.0 years |
| 20 kW | $3.14 | $43,974 | $68,209 | 9.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose significantly affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: The kind of solar panel you want to install plays a role in which company you should choose, since different companies provide different panels.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
EcoWatch's Margaret, AL Solar Cost FAQs
What is the average cost of installing solar panels in Margaret?
The average cost of solar panels in Margaret is about $17,450 for a 5-kW system and $34,900 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Margaret?
Leasing solar panels can be an option if you are unable to pay upfront or get 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 savings from going solar.
Can you sell solar power back to the grid in Margaret?
Most states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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.