Solar Panel Cost Guide in Lockwood, MT (2024 Update)
- Lockwood Solar Installation Cost: $40,976
- 25-Year Savings: $32,133
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Lockwood
Find out what the average cost of a solar system is in Lockwood.
In Lockwood, solar panels cost about 3 per watt on average.The average solar panel system size in Lockwood is around 16.9 kilowatts, meaning a cost of about $40,976 for a solar installation, or $58,596 before the 0 federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may differ based on your energy needs and what company you choose to go with.Many homeowners find installing a solar system is a solid investment. The average homeowner in Lockwood can save around $15,000 on their energy bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Lockwood
| Year | Return on Investment |
|---|---|
| 1 years | $-39,704 |
| 3 years | $-37,158 |
| 5 years | $-34,613 |
| 7 years | $-32,068 |
| 9 years | $-29,523 |
| 11 years | $-26,978 |
| 13 years | $-24,433 |
| 15 years | $-21,888 |
| 17 years | $-19,342 |
| 19 years | $-16,797 |
| 21 years | $-14,252 |
| 23 years | $-11,707 |
| 25 years | $-9,162 |
Top Solar Installers in Lockwood
When making the switch to solar, many homeowners choose to hire a solar installer since handling can be a challenging project. Also, companies with a high reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you're looking for a solar company in Lockwood, the EcoWatch team has organized a list of our top suggestions here:
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 Lockwood
Factors that Affect Solar Panel Costs in Lockwood
The cost of installing a solar system in Lockwood can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $3,470 per kilowatt in Lockwood.The kind of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.While solar loans make adopting solar energy more accessible for Lockwood homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Lockwood is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services at different price points.Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $3.61 | $15,157 | $6,940 | 17.1 years |
| 8 kW | $3.54 | $19,821 | $9,641 | 16.8 years |
| 10 kW | $3.47 | $24,290 | $12,538 | 16.5 years |
| 12 kW | $3.40 | $28,565 | $15,628 | 16.2 years |
| 14 kW | $3.33 | $32,646 | $18,913 | 15.8 years |
| 16 kW | $3.26 | $36,532 | $22,392 | 15.5 years |
| 18 kW | $3.19 | $40,224 | $26,065 | 15.2 years |
| 20 kW | $3.12 | $43,722 | $29,933 | 14.8 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: When making the switch to solar, it’s essential to keep an open line of communication with your solar installer. See to it that you understand how the installation process works and the project completion timeline.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: Before you sign a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
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 Lockwood, MT Solar Cost FAQs
How much does it cost to install solar panels in Lockwood?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,350 for a 5-kW system and $34,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Lockwood?
Solar panels aren’t free in Lockwood, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Do solar panels increase your home value?
Solar panels can increase your property’s value considerably 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% with a solar installation."
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 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.