Solar Panel Cost Guide in McKinney, TX (2024 Update)
- McKinney Solar Installation Cost: $18,028
- 25-Year Savings: $23,392
- Payback Period: 11.9 Years
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Average Cost of Solar Panels in McKinney
See how much it might cost to go solar in McKinney.
The average cost of a solar system in McKinney is 3 per watt.Since a 7.7-kW system is needed to cover the energy costs of a typical home in McKinney, the average price of going solar will be about $18,028 after claiming the federal solar tax credit of 0.
These figures are only averages, and your own solar costs will vary based on your energy needs and what company you go with.Despite the significant initial cost, the average McKinney homeowner can save about $19,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar company in your area for a personalized quote.
Solar savings over time in McKinney
| Year | Return on Investment |
|---|---|
| 1 years | $-16,688 |
| 3 years | $-14,007 |
| 5 years | $-11,326 |
| 7 years | $-8,645 |
| 9 years | $-5,964 |
| 11 years | $-3,284 |
| 13 years | $-603 |
| 15 years | $2,078 |
| 17 years | $4,759 |
| 19 years | $7,440 |
| 21 years | $10,121 |
| 23 years | $12,801 |
| 25 years | $15,482 |
Top Solar Installers in McKinney
Many homeowners decide to hire a solar installer since installing solar panels by yourself can be challenging. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in McKinney
Factors that Affect Solar Panel Costs in McKinney
The cost of installing a solar system in McKinney can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,330.The brand of solar panels and equipment you want is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of 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 looking for a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable choice because they cut back 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 financing options, including the amount of 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 APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you get to install your solar system can affect how much you pay. McKinney’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in McKinney know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $3.46 | $14,545 | $14,900 | 12.3 years |
| 8 kW | $3.40 | $19,021 | $20,240 | 12.1 years |
| 10 kW | $3.33 | $23,310 | $25,766 | 11.9 years |
| 12 kW | $3.26 | $27,413 | $31,478 | 11.6 years |
| 14 kW | $3.20 | $31,329 | $37,377 | 11.4 years |
| 16 kW | $3.13 | $35,058 | $43,463 | 11.2 years |
| 18 kW | $3.06 | $38,601 | $49,735 | 10.9 years |
| 20 kW | $3.00 | $41,958 | $56,193 | 10.7 years |
How to Save on Solar Panels
There are a large number of companies to choose from in McKinney, 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 panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: If you’re worried about the longevity of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's McKinney, TX Solar Cost FAQs
How much does it cost to install solar panels in McKinney?
The average cost of solar panels in McKinney is about $16,650 for a 5-kW system and $33,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Do solar panels increase your home 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 McKinney is currently $515,561, so you could be looking at a value of about $21,138 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in McKinney is a worthwhile investment.
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 the average daily sunlight your roof gets. You can take a 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 buy 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.