Solar Panel Cost Guide in Salem, MO (2024 Update)
- Salem Solar Installation Cost: $16,841
- 25-Year Savings: $18,661
- Payback Period: 13.3 Years
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Average Cost of Solar Panels in Salem
Find out how much it might cost to go solar in Salem.
Although the national average of solar panels is $2.66 per watt, solar panels in Salem generally cost about 3.Since a 7.1-kW system is needed to cover the energy costs of a typical home in Salem, the average price of going solar will be about $16,841 after claiming the federal solar tax credit of 0.
These figures are just estimates, and the cost of going solar for you may differ based on the amount of energy your home requires and what company you go with.For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Salem see about $18,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar panel company in your area for a personalized quote.
Solar savings over time in Salem
| Year | Return on Investment |
|---|---|
| 1 years | $-15,550 |
| 3 years | $-12,969 |
| 5 years | $-10,388 |
| 7 years | $-7,807 |
| 9 years | $-5,227 |
| 11 years | $-2,646 |
| 13 years | $-65 |
| 15 years | $2,516 |
| 17 years | $5,097 |
| 19 years | $7,678 |
| 21 years | $10,259 |
| 23 years | $12,840 |
| 25 years | $15,421 |
Top Solar Installers in Salem
Many homeowners choose to use a solar installation company since trying to install solar panels on your own can be hard. The expertise that solar companies provide can be helpful as well, particularly if you don’t quite know what brand of solar equipment would be right for your home.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Salem
Factors that Affect Solar Panel Costs in Salem
While the average cost of a solar system in Salem is $16,841, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.There are many different solar panel brands and the one you choose also changes the cost. In general, the brands that are more efficient tend to also cost more. Plus, the type of equipment you’re looking to get 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
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Salem, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Salem, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Salem are more knowledgeable about local solar incentives and can help you take advantage 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 | $3.50 | $14,720 | $11,841 | 13.9 years |
| 8 kW | $3.44 | $19,249 | $16,166 | 13.6 years |
| 10 kW | $3.37 | $23,590 | $20,679 | 13.3 years |
| 12 kW | $3.30 | $27,742 | $25,381 | 13.1 years |
| 14 kW | $3.24 | $31,705 | $30,271 | 12.8 years |
| 16 kW | $3.17 | $35,479 | $35,351 | 12.5 years |
| 18 kW | $3.10 | $39,065 | $40,619 | 12.3 years |
| 20 kW | $3.03 | $42,462 | $46,076 | 12.0 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Salem, MO Solar Cost FAQs
What is the average cost of installing solar panels in Salem?
The average cost of solar panels in Salem is about $16,850 for a 5-kW system and $33,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Salem?
Leasing solar panels can be an attractive 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on electricity bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Salem, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Salem?
On average, the lifespan of solar panels is 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 larger amount 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.