Solar Panel Cost Guide in Murphy, TX (2024 Update)
- Murphy Solar Installation Cost: $18,028
- 25-Year Savings: $19,524
- Payback Period: 11.4 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 Murphy
Find out how much it might cost to go solar in Murphy.
In Murphy, solar panels cost about 3 per watt on average.The average solar panel system size in Murphy is around 7.7 kilowatts, meaning a cost of about $18,028 for a solar installation, or $25,780 before the 0 federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Murphy based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire.With average savings of about $19,000 on utility bills over 20 years, many homeowners in Murphy find installing solar panels can pay off big.
You can click the button below to get connected with a top solar company in Murphy for a quote for your home.
Solar savings over time in Murphy
| Year | Return on Investment |
|---|---|
| 1 years | $-16,526 |
| 3 years | $-13,522 |
| 5 years | $-10,518 |
| 7 years | $-7,513 |
| 9 years | $-4,509 |
| 11 years | $-1,505 |
| 13 years | $1,499 |
| 15 years | $4,503 |
| 17 years | $7,508 |
| 19 years | $10,512 |
| 21 years | $13,516 |
| 23 years | $16,520 |
| 25 years | $19,524 |
Top Solar Installers in Murphy
Many homeowners opt for a solar panel company since trying to put up solar panels yourself can be a labor-intensive endeavor. Also, if you’d like to maximize your investment in solar power, using a solar installer can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 Murphy
Factors that Affect Solar Panel Costs in Murphy
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Murphy: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major 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 raise costs. For each additional kilowatt you need, your cost can go up by about $3,330.There are a lot of different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Murphy offer solar loans, which reduce your upfront costs of installing a solar system.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 more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Murphy, and each can charge varying amounts for labor and equipment.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $16,070 | 11.9 years |
| 8 kW | $3.40 | $19,021 | $21,800 | 11.6 years |
| 10 kW | $3.33 | $23,310 | $27,716 | 11.4 years |
| 12 kW | $3.26 | $27,413 | $33,819 | 11.2 years |
| 14 kW | $3.20 | $31,329 | $40,108 | 11.0 years |
| 16 kW | $3.13 | $35,058 | $46,584 | 10.7 years |
| 18 kW | $3.06 | $38,601 | $53,246 | 10.5 years |
| 20 kW | $3.00 | $41,958 | $60,095 | 10.3 years |
How to Save on Solar Panels
The solar installer you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Solar Panel Brands: Different companies have various brands and models of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Contract: Even though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
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 Murphy, TX Solar Cost FAQs
How much does it cost to install solar panels in Murphy?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $16,650 for a 5-kW system and $33,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Murphy?
You can’t get solar panels for free in Murphy. 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.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,020.53 per year.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.