Solar Panel Cost Guide in Woodward, OK (2024 Update)
- Woodward Solar Installation Cost: $18,035
- 25-Year Savings: $25,001
- Payback Period: 11.2 Years
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Average Cost of Solar Panels in Woodward
Let’s take a look at the average cost of solar in Woodward.
Although the national average of solar panels is $2.66 per watt, solar panels in Woodward generally cost around 3.Using this figure, a typical 8.2-kW system would cost about $18,035 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Woodward depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.Despite the large upfront cost, the average Woodward homeowner can save around $19,000 on their power bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a reputable solar company in your area for a personalized quote.
Solar savings over time in Woodward
| Year | Return on Investment |
|---|---|
| 1 years | $-16,826 |
| 3 years | $-14,408 |
| 5 years | $-11,990 |
| 7 years | $-9,571 |
| 9 years | $-7,153 |
| 11 years | $-4,735 |
| 13 years | $-2,316 |
| 15 years | $102 |
| 17 years | $2,520 |
| 19 years | $4,938 |
| 21 years | $7,357 |
| 23 years | $9,775 |
| 25 years | $12,193 |
Top Solar Installers in Woodward
Many homeowners decide to hire a solar installer since figuring out how to install solar panels by yourself can be hard. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some nearby:
See all of the solar companies in Woodward
Factors that Affect Solar Panel Costs in Woodward
For many Woodward homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Woodward, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $3,130 per kilowatt in Woodward.The type 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 come at a higher price. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to consider 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’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Woodward to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time due to interest.However, the interest on solar loans also adds to your total costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you select will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $15,555 | 11.7 years |
| 8 kW | $3.19 | $17,879 | $21,091 | 11.5 years |
| 10 kW | $3.13 | $21,910 | $26,802 | 11.2 years |
| 12 kW | $3.07 | $25,766 | $32,688 | 11.0 years |
| 14 kW | $3.00 | $29,447 | $38,750 | 10.8 years |
| 16 kW | $2.94 | $32,953 | $44,986 | 10.6 years |
| 18 kW | $2.88 | $36,283 | $51,398 | 10.3 years |
| 20 kW | $2.82 | $39,438 | $57,986 | 10.1 years |
How to Save on Solar Panels
The company that does your solar panel 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 a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and how long the project will take.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
EcoWatch's Woodward, OK Solar Cost FAQs
What is the average cost of installing solar panels in Woodward?
The average cost of solar panels in Woodward is about $15,650 for a 5-kW system and $31,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Woodward?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to 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.
Does Woodward have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces 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.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.