Solar Panel Cost Guide in Spencer, OK (2024 Update)
- Spencer Solar Installation Cost: $18,479
- 25-Year Savings: $21,344
- Payback Period: 12.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Spencer
Find out how much it might cost to go solar in Spencer.
The average cost of solar panels in Spencer is 3 per watt.The average solar panel system size in Spencer is around 8.4 kilowatts, meaning a cost of about $18,479 for a solar installation, or $26,425 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Spencer homeowner. 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.Many homeowners find adopting solar power is a sound investment. The average homeowner in Spencer can save about $17,000 on their power bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Spencer
| Year | Return on Investment |
|---|---|
| 1 years | $-17,270 |
| 3 years | $-14,852 |
| 5 years | $-12,434 |
| 7 years | $-10,015 |
| 9 years | $-7,597 |
| 11 years | $-5,179 |
| 13 years | $-2,760 |
| 15 years | $-342 |
| 17 years | $2,076 |
| 19 years | $4,495 |
| 21 years | $6,913 |
| 23 years | $9,331 |
| 25 years | $11,749 |
Top Solar Installers in Spencer
Although it's possible to install solar panels by yourself, it takes extra time and know-how. For that reason, almost all homeowners choose a solar panel installer. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
See all of the solar companies in Spencer
Factors that Affect Solar Panel Costs in Spencer
The cost of installing a solar system in Spencer can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,130. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Spencer average.
Solar Financing Terms
Most solar companies in Spencer provide solar loans, which reduce the initial cost of installing solar.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installation company you choose will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Spencer have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $3.26 | $13,672 | $12,516 | 13.1 years |
| 8 kW | $3.19 | $17,879 | $17,039 | 12.8 years |
| 10 kW | $3.13 | $21,910 | $21,737 | 12.5 years |
| 12 kW | $3.07 | $25,766 | $26,610 | 12.3 years |
| 14 kW | $3.00 | $29,447 | $31,659 | 12.0 years |
| 16 kW | $2.94 | $32,953 | $36,882 | 11.8 years |
| 18 kW | $2.88 | $36,283 | $42,281 | 11.5 years |
| 20 kW | $2.82 | $39,438 | $47,856 | 11.3 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Spencer, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Contract: It’s important to read your solar installer’s contract well to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
EcoWatch's Spencer, OK Solar Cost FAQs
How much does it cost to install solar panels in Spencer?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $15,650 for a 5-kW system and $31,300 for a 10-kW system after the ITC is applied. It will cost more if you want other 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 opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Spencer?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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.
How will solar panels impact my home value?
Solar panels can increase your property’s value considerably 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 solar panels."
How long do solar panels last in Spencer?
On average, solar panels can last 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.