Solar Panel Cost Guide in Merrill, WI (2024 Update)
- Merrill Solar Installation Cost: $20,188
- 25-Year Savings: $23,022
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Merrill
Let’s have a look at the average cost of solar in Merrill.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Merrill, the typical cost of solar panels is 4 per watt.To account for the typical energy usage of the average home in Merrill, most homeowners require a 7.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $20,188, or $28,869 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of going solar can vary depending on several factors, such as what size system you need, your energy usage and what installation company you go with.Despite the large initial cost, the average Merrill homeowner can save around $19,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free quote from a highly rated solar company in Merrill, you can click the button below.
Solar savings over time in Merrill
| Year | Return on Investment |
|---|---|
| 1 years | $-19,084 |
| 3 years | $-16,875 |
| 5 years | $-14,667 |
| 7 years | $-12,458 |
| 9 years | $-10,250 |
| 11 years | $-8,041 |
| 13 years | $-5,833 |
| 15 years | $-3,624 |
| 17 years | $-1,416 |
| 19 years | $793 |
| 21 years | $3,001 |
| 23 years | $5,210 |
| 25 years | $7,418 |
Top Solar Installers in Merrill
Although you can install solar panels by yourself, it takes extra effort and handiness. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term due to 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:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Merrill
Factors that Affect Solar Panel Costs in Merrill
There are many factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $3,880 per kilowatt in Merrill.There are several different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you choose 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
If paying for a solar system out of pocket is out of reach, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can impact the cost. Merrill’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually 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 vehicle 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 | $4.04 | $16,948 | $12,555 | 14.4 years |
| 8 kW | $3.96 | $22,163 | $17,175 | 14.1 years |
| 10 kW | $3.88 | $27,160 | $22,012 | 13.8 years |
| 12 kW | $3.80 | $31,940 | $27,066 | 13.5 years |
| 14 kW | $3.72 | $36,503 | $32,337 | 13.3 years |
| 16 kW | $3.65 | $40,849 | $37,826 | 13.0 years |
| 18 kW | $3.57 | $44,977 | $43,532 | 12.7 years |
| 20 kW | $3.49 | $48,888 | $49,455 | 12.4 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on 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:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Merrill, WI Solar Cost FAQs
How much does it cost to install solar panels in Merrill?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $19,400 for a 5-kW system and $38,800 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 higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Merrill?
You can’t get solar panels for free in Merrill. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How will solar panels impact my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Merrill is currently $187,057, so you could be looking at a value of about $7,669 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Merrill is a fruitful investment.
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 goes down 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.