Solar Panels Cost 13k-24k in Troy, AL | October, 2024

Solar Panels Cost $13k-$24k in Troy, AL | October, 2024

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How much do solar panels cost in Troy, AL in 2024?

Currently, in Troy, AL in the month of October, 2024, the cost per each watt for solar is $3.95/W.

In accordance with this price, expect to spend $3,950, on average, for every 1000 watts (or 1 kW) of solar energy your solar system will need to produce. After receiving the 30% federal tax credit, you can expect to spend about $13,825, in Troy, for a 5 kW solar panel install. To ensure your energy requirements are met, you may require a larger system.

Select your county from the menu on the left to find the average roof size and maximum solar panel system capacity for homes in your area. Displayed below is a breakdown of the price, payback period, and 20-year average savings for a 5 kW system in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Troy: $13,825US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Troy: 9 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Troy: $11,068US Average: $15,784

Solar Potential in Troy

Estimated system size and solar electricity production per median viable roof in
Troy.

Roof size 965sq. ft.
Capacity 13.5kW DC
Electricity 17.3kkWh AC per yr.

Electricity Costs in Troy, AL & What that Means for Your Solar Panel Pricing

An electricity consumer in Troy usually uses 1,101 kWh per month, leading to an average electric bill of $128.41. These figures also cover apartments and other smaller living spaces with lower energy requirements.

The mean rate for electricity in Troy, AL in October, 2024 is 11.66¢ per kWh.

To meet all of the energy requirements of a typical user in Troy, a solar power system of 9 kW or larger is required. The cost of a a 9 kW solar system is approximately $35,550 before any incentives, but the federal tax credit gives you back 30%, reducing your total to $24,885.

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Average solar panel costs by system size in Troy

Below and to the left, the pricing details for different sizes of the solar panel systems installed in Troy is displayed. Of course, with a larger solar system, you'll see a greater initial expense, but the advantages consist of greater energy savings and greater income tax credits.

The cost and benefit breakdown for solar panels, shown in the calculator down and to the right, is based on an average electric bill of $128.41 in Troy. For a more precise estimate, change the $128.41 with your usual electricity bill amount.

System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $907 a year
Est. Price
$13,825
Savings from a 5kWthis system
  • Est. yearly production 7,554 kWh
  • Est. monthly savings $76
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.36 tons a year
  • Equivalent to planting 154 trees a year
  • Equivalent to driving 8,322 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,088 a year
Est. Price
$16,590
Savings from a 6kWthis system
  • Est. yearly production 9,065 kWh
  • Est. monthly savings $91
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 4.03 tons a year
  • Equivalent to planting 185 trees a year
  • Equivalent to driving 9,986 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,269 a year
Est. Price
$19,355
Savings from a 7kWthis system
  • Est. yearly production 10,576 kWh
  • Est. monthly savings $106
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 4.71 tons a year
  • Equivalent to planting 216 trees a year
  • Equivalent to driving 11,650 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,450 a year
Est. Price
$22,120
Savings from a 8kWthis system
  • Est. yearly production 12,087 kWh
  • Est. monthly savings $121
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 5.38 tons a year
  • Equivalent to planting 247 trees a year
  • Equivalent to driving 13,315 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,632 a year
Est. Price
$24,885
Savings from a 9kWthis system
  • Est. yearly production 13,598 kWh
  • Est. monthly savings $128
  • Full payback in 16 years
Environmental Impacts
  • Reduces CO2 emissions by 5.7 tons a year
  • Equivalent to planting 262 trees a year
  • Equivalent to driving 14,100 mi less a year

Troy Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant currently offers between 80% and 100% coverage for the installation costs of solar or wind turbines for rural small businesses and farms. If you think you might be eligible, try our REAP Grant eligibility tool to verify your qualification.

The federal government offers a 30% tax credit for residential solar systems, making solar attractive and practical for a variety of homeowners. Additionally, numerous state and local programs aim to promote further adoption of solar energy.

Various utilities and government entities in Alabama provide 4 solar rebate and incentive programs.

Local Government Energy Loan Program

Value:Varies

Through its public-private partnership with PowerSouth, Alabama's Local Government Energy Loan Program offers zero-interest loans to governments and educational institutes for improvements involving renewable energy sources. The loans are repayable through savings on utility bills. They may borrow up to $350,000 for eligible projects, while schools may ask for $350,000 pr campus or $500,000 per system. There is a minimum loan of $50,000. An energy audit must be completed to identify improvements and the recipient must be benchmarked using the Energy Star Portfolio Manager program following installation. Details and application are available on the program website.

Local Option- Sales Tax Abatement for Renewable Energy Facilities

Value:Varies

In order to encourage renewable energy sources, Alabama allows local governments to provide exemptions and abatement for qualifying renewable energy facilities; the precise governmental body depends on the size of the facility. Facilities may also qualify for a reduced tax rate of 1.5%, although it was only available until 2019. Hydroelectric power is exempted from the definition of renewable energy resource, but most other renewable resources do meet the definition. Note that the local government can impose an additional sales or use tax. The exemption and abatement only apply to the noneducational portion of the sales tax.

Local Option- Property Tax Exemption for Renewable Energy Faclities

Value:Varies

Alabama provides abatement of property tax for qualifying renewable energy facilities for the noneducational part of the property tax. While most renewable resources are included in the program, hydroelectric power is exempted. The property tax abatement is based on the annual value of the assessed value. The abatement may be given for ten years and extended for another ten years, for a total of twenty years, depending on the permission of the local authority. Interested facilities can apply with the local governmental body. The local authority will perform a cost/benefit analysis to determine the maximum exemption period for the abatement.

AlabamaSAVES Revolving Loan Program

Value:Varies

Alabama SAVES funds subordinated participating interests in qualified third-party loans for financing energy projects of existing Alabama businesses. The participating interest can be 25% of the loan or 100% of the cost of the project, whichever is lower. Before funding can be awarded, the project must undergo an energy assessment and an estimated energy savings impact must be submitted to ensure the loan will be paid back within 10 years. This program was initially capitalized through the American Recovery and Reinvestment Program and is offered through the Alabama Department of Economic and Community Affairs. Please see the program website for information and program materials.

Are solar panels worth it in Alabama?

If you plan to own your residence longer than the solar system's payback period, solar panels are a wise investment in Troy. A 5 kW system in Troy, AL will enable you to save the average homeowner, on average, $16,993.4 over a 20 period and the average break even point is 9 years.

The cost of not having solar panels in Troy, AL

Without solar panels or another backup power source, you miss out on the savings discussed previously and are entirely on your electric utility for electricity. Recent news examples have revealed that complete dependence on your utility provider isn't always the most favorable condition.

Troy utilities have reported 1.78 outages per customer per year over the past few years. On average, an outage lasts 184.38 minutes. Major events such as wildlife damage, grid management errors or thunderstorms can significantly extend these time frames.

A solar panel system, whether or not it has a backup battery, could help reduce the impact of future outages you might experience.

Power Outages

Currently, 0 customers are being tracked in Pike County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Troy, AL?

Your Energy Needs - Even if the initial expense is greater, the price per watt decreases with larger solar panel systems. Individuals often discover that setting up a solar system that can offset their entire electric bill is advantageous, ensuring optimal savings.

Make & Model - Just like any other product, solar panels are available in a wide variety of makes and models. Considering the system preferences that your installer may have, it's important to select a reputable contractor. For a superior long-term experience, buyers should consider better quality models.

Solar Panel Type - For good reasons, monocrystalline panels have become the industry standard. They come with a higher price, but they generate more energy. Many solar panel installers choose this material.

Your Property - Each property and home has its own characteristics. Factors such as trees, sloped land, or additional considerations can make the installation more challenging. Nowadays, most solar installers can assess your home with satellite images and incorporate these considerations in the first cost estimate.

Labor Rates - The costs connected to the varying wages offered by companies to their employees are passed on to the consumers. Companies that invest in higher wages usually see higher reviews for their work and customer service.

Permitting & Interconnection - Permitting and utility interconnection fees change locally and will impact your installation cost. Good installers will factor these costs into your preliminary quotes to prevent unexpected expenses.

See what solar panels cost in other AL cities

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Who are the best solar installers in Troy?

Eagle Solar and Light

Birmingham, AL(205) 202-2208

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Go Solar Power

Boca Raton, FL(800) 530-9597

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Tungsten Electric

Nashville-Davidson metropolitan government, TN(615) 491-0206

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

LightEdison

Denver, CO(888) 966-6377

Services

  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

Solar Plus

Atlanta, GA(470) 378-1182

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Troy, AL Solar Panel Cost FAQs

  • The typical cost per watt for solar panels in Troy, AL as of October, 2024 is $3.95/W. With the federal tax credit, the cost of a 5 kW solar panel system in Troy, AL drops to roughly $13,825.

  • As of now, there are 4 rebates and incentives offered by various utilities and government entities in Alabama. Additionally, the vast majority qualify for the 30% federal tax credit.

  • Even though paying cash yields the most savings, there are now several financing options for solar panels that also are financially sensible. Installers often have partnerships with financing companies and will include this information in your initial quotes.

  • Yes, the payback period for 5 kW solar energy systems in Troy, AL averages 9 years, with electricity savings of about $16,993.4 over 20 years.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-10-01