Solar Panels Cost 9.4k-18k in Olympia, WA | October, 2024

Solar Panels Cost $9.4k-$18k in Olympia, WA | October, 2024

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How much do solar panels cost in Olympia, WA in 2024?

To have solar panels in the month of October, 2024 in Olympia, WA averages out to $3.36/W.

Utilizing this price per watt, we are able to conclude that for every 1 kW (1000 watts) your system can produce you will have to spend $3,360 to get your solar panels installed. After receiving the 30% federal tax credit, you can expect to pay around $11,760 for a 5 kW solar panel system in Olympia. However, it’s important to realize that a more powerful system may be required to fulfill your energy demands.

Choose your county from the menu on the left to find the typical roof size and maximum residential solar capacity for homes in your area. You can review the price, payback period, and 20-year average savings for a 5 kW system in your county below.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Olympia: $11,760US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Olympia: 8 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Olympia: $12,305US Average: $15,784

Solar Potential in Olympia

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

Roof size 858sq. ft.
Capacity 12kW DC
Electricity 11.3kkWh AC per yr.

Electricity Costs in Olympia, WA & What that Means for Your Solar Panel Pricing

Olympia energy consumers typically have a monthly electric bill of $121.27 and use 870 kWh on average. Smaller houses, including condos and duplexes, are also included in the numbers cited in the previous sentence.

The mean rate for electricity in Olympia, WA during October, 2024 is 13.93¢ per kWh.

In Olympia, the typical energy user will need a solar power setup of 8 kW or higher to satisfy their entire power requirements. Initially, an 8 kW solar installation has a cost of $26,880, but with a 30% tax credit, the total cost is $18,816.

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Average solar panel costs by system size in Olympia

To the left and below, the pricing details for multiple sizes of solar panel systems installed in Olympia is shown. The investment for a more extensive solar panel setup is higher, but it also yields greater electricity savings and more substantial income tax credits.

The solar panel cost calculator, positioned to the right and below, provides a cost and benefit breakdown using an average $121.27 electric bill for Olympia. If you desire customized results, adjust the $121.27 to your typical electricity bill amount.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $832 a year
Est. Price
$9,408
Savings from a 4kWthis system
  • Est. yearly production 5,944 kWh
  • Est. monthly savings $69
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 0.79 tons a year
  • Equivalent to planting 36 trees a year
  • Equivalent to driving 1,960 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,040 a year
Est. Price
$11,760
Savings from a 5kWthis system
  • Est. yearly production 7,430 kWh
  • Est. monthly savings $87
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 0.99 tons a year
  • Equivalent to planting 45 trees a year
  • Equivalent to driving 2,450 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,248 a year
Est. Price
$14,112
Savings from a 6kWthis system
  • Est. yearly production 8,916 kWh
  • Est. monthly savings $104
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 1.19 tons a year
  • Equivalent to planting 55 trees a year
  • Equivalent to driving 2,940 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,456 a year
Est. Price
$16,464
Savings from a 7kWthis system
  • Est. yearly production 10,402 kWh
  • Est. monthly savings $121
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 1.38 tons a year
  • Equivalent to planting 63 trees a year
  • Equivalent to driving 3,420 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,664 a year
Est. Price
$18,816
Savings from a 8kWthis system
  • Est. yearly production 11,888 kWh
  • Est. monthly savings $121
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 1.38 tons a year
  • Equivalent to planting 63 trees a year
  • Equivalent to driving 3,420 mi less a year

Olympia Solar Panel Installation Incentives & Rebates | 2024

With the REAP Grant, up to 100% and no less than 80% of the installation costs for solar or wind turbines may be covered for rural small business owners and farmers. Believe you fit the criteria? Verify your eligibility with our REAP Grant eligibility tool.

For residential solar projects, most people are eligible for the 30% federal income tax credit, making solar a practical solution in various parts of the country. On top of that, there are many state and local incentives to further promote the adoption of solar energy.

Washington has 14 solar rebate and incentive programs provided by various utilities and government agencies.

Solar incentives in WA

Renewable Energy Sales and Use Tax Exemption

Value:Varies

Most renewable energy systems in Washington state are at least partially exempt from sales/use tax. Qualifying technologies include solar, wind, some biomass, hydroelectric, geothermal, landfill gas, and hog fuel (wood-burning.) Total exemptions are available for hog fuel systems and solar devices rated for less than 10 kW. Other systems will receive a 75% exemption applied at the time of purchase. Exemption certificates are available from the Department of Revenue and must be presented to the equipment dealer.

Renewable Energy Standard

Value:Varies

Washington first established a renewable portfolio standard in 2006 upon the passage of a statewide referendum. The most recent standard goals required at least 15% of each utility's retail electricity to be generated using renewable technology by 2020. Compliance with the standard is measured using a Renewable Energy Credit system pegging one megawatt hour of electricity to a variable dollar amount. Utilities may generate credits using their own renewable facilities or purchase them from customers through tariff programs. Should a utility fail to meet its standard quota, it will be fined for each credit it is deficient. Utilities are exempt from the standard if they do not have load growth or if renewable energy investment would not be cost-effective.

Interconnection Standards

Value:Varies

Distributed generation and interconnection practices in Washington state have been standardized since 2007. All private utilities are subject to the standards; local public utilities and cooperatives are exempt. Each new renewable energy system to be interconnected will be assigned one of three regulatory Tiers. A system's Tier determines the IEEE/UL/NEC standards it must follow and the rigor of the permit process, including application fees and turnaround times. Tier 1 ends at 25 kW, while Tier 2 ends at 500 kW. External disconnect switches are required for systems at or above Tier 2. Utilities may require customers to carry liability insurance or a minimum warranty for their system.

Green Building and Energy Reduction Standards for State Agencies

Value:Varies

Since 2005, new state buildings and public remodeling projects in Washington state have been required to follow certain green building standards. Any new occupied public building at least 25,000 square feet in size must meet the requirements for LEED Silver certification and pursue formal accreditation from the US Green Building Council. Remodeling projects should incorporate as many LEED principles as possible, though they are not required to pursue formal certification. Additional information is available from the Washington Department of Enterprise Services.

Clark Public Utilities - Solar Energy Equipment Loan

Value:Varies

Residential customers of Clark Public Utilities may be eligible for special loans to fund new solar energy systems and components. The maximum available principal per loan is $30,000 at 3.5% APR. The principal determines both repayment period duration and the applicable fees and conditions. Additional information is available from the CPU website.

Grays Harbor PUD - Net Metering

Value:Varies

The Grays Harbor Public Utility District operates a unique net metering program. Credits for net excess generation are awarded at the end of each year and amount to half of the normal retail price. While the Grays Harbor program technically does not follow the letter of the state's net metering laws, customers may earn additional benefits and have a greater incentive to adopt renewable energy. Additional information is available through the utility website.

WSHFC Sustainable Energy Program

Value:Varies

The Sustainable Energy Program/Trust is a division of the Washington State Housing Finance Commission. Residents and businesses undertaking new green construction or making energy efficiency improvements may be eligible for at least $50,000 of special financing. Interest rates of 2 - 4% are available. To qualify, a project should improve the site or entity's energy efficiency by at least 10%. Standard engineering reviews and pre/post-work energy audits apply. Additional information is available from the WSHFC website.

Evergreen Sustainable Development Standard for Affordable Housing

Value:Varies

The Evergreen Sustainable Development Standard is Washington's green building rubric tailored for new affordable housing. Standards are based on LEED and incur points for compliance. Small energy efficiency practices can earn 1 point, using renewable energy (such as solar PV) can earn five points, and exceeding the total standard will earn 15 points. New affordable housing projects should earn at least 50 points; remodeling projects should earn at least 40 points. Additional information and a copy of the standard are available from the Washington State Department of Commerce.

Renewable Energy Manufacturing Program

Value:Varies

The Sustainable Energy Program/Trust is a division of the Washington State Housing Finance Commission. Residents and businesses undertaking new green construction or making energy efficiency improvements may be eligible for at least $50,000 of special financing. Interest rates of 2 - 4% are available. To qualify, a project should improve the site or entity's energy efficiency by at least 10%. Standard engineering reviews and pre/post-work energy audits apply. Additional information is available from the WSHFC website.

Mandatory Utility Green Power Option

Value:Varies

Washington state law requires all public or private electrical utilities with a customer base of at least 25,000 to offer green power options. Customers can purchase 100% renewable energy in fixed blocks. This energy may be derived from solar, wind, biomass, hydroelectric, landfill gas, or a combination of these technologies. Each customer will be notified of the green power option on a quarterly basis. Annual reports on program uptake and resources are available from the state legislature.

Tax Abatement for Solar Manufacturers

Value:Varies

In 2005, former Washington governor Christine Gregoire approved a legislative corporate tax cut for the state's solar energy device and component manufacturers. Current tax rates for these companies are at least 43% below the average liability. Tax incentives only apply to businesses producing silicon components, semiconductors, solar cells, converters, and other components directly involved in the production of photovoltaic energy. The special rates expire in 2027. Additional information is available from the Department of Revenue.

Net Metering

Value:Varies

In Washington, any renewable energy system rated for under 100 kW is eligible for net metering. All public/private utilities and cooperatives must offer interconnection and net metering to new renewable energy customers. Upon agreeing to a net metering contract, the energy system's owner will have a bidirectional meter installed to measure net excess generation (NEG) sent back to the grid. Utilities will credit customer bills for NEG at an avoided-cost rate per kilowatt hour. Should generation exceed consumption for any given cycle, NEG credits may roll forward to subsequent months. Additional information is available from the Washington Utilities and Transportation Commission.

Renewable Energy Cost Recovery Incentive Payment

Value:Varies

The Sustainable Energy Program/Trust is a division of the Washington State Housing Finance Commission. Residents and businesses undertaking new green construction or making energy efficiency improvements may be eligible for at least $50,000 of special financing. Interest rates of 2 - 4% are available. To qualify, a project should improve the site or entity's energy efficiency by at least 10%. Standard engineering reviews and pre/post-work energy audits apply. Additional information is available from the WSHFC website.

Energy Efficiency and Solar Grants

Value:Varies

The Sustainable Energy Program/Trust is a division of the Washington State Housing Finance Commission. Residents and businesses undertaking new green construction or making energy efficiency improvements may be eligible for at least $50,000 of special financing. Interest rates of 2 - 4% are available. To qualify, a project should improve the site or entity's energy efficiency by at least 10%. Standard engineering reviews and pre/post-work energy audits apply. Additional information is available from the WSHFC website.

Are solar panels worth it in Washington?

For homeowners in Olympia who intend to stay in their residence beyond the solar payback period, solar panels make an smart investment. Installing a 5 kW solar system in Olympia, WA will, on average, save you $17,344.8 over 20 years, and you can expect to break even in about 8 years.

The cost of not having solar panels in Olympia, WA

The absence of solar panels or an alternative energy backup means that you miss out on the savings noted earlier and depend on your electric utility for electricity. Recent news examples have indicated that full reliance on your utility provider is not always ideal.

Lately, customers in Olympia have encountered an average of 1.09 utility outages each year. On average, an outage lasts 196 minutes. When major events such as winter storms, equipment failure, or wildlife damage occur, these durations can increase significantly

A solar panel system could lessen the burden of future outages, even if it lacks a backup battery.

Power Outages

Currently, 0 customers are being tracked in Thurston County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Olympia, WA?

Your Energy Needs - Even if the initial expense is higher, the price per watt decreases with larger solar panel systems. Many consumers realize it's a good idea to install a solar system that can generate enough power to fully cover their electric bill, because it helps them save more money.

Make & Model - Solar panels and mounting equipment, similar to many other products, come in a variety of makes and models. Because the installer you select might have particular brand preferences, selecting a highly rated company is especially important. The selection of superior equipment can greatly better the long-term experience for buyers.

Solar Panel Type - Monocrystalline panels are broadly acknowledged as the standard in the industry, and for good cause. Although they are costlier, they provide increased energy. Many installers use panels crafted from this material.

Your Property - Elements like sloping terrain, trees, or other impediments might complicate the installation process. Today, many solar installers can assess your home with satellite images and factor in these factors in the preliminary cost estimate.

Labor Rates - Variations in employee wages across companies lead to expenses that are passed on to the consumers. Companies paying higher wages usually garner better reviews for their work and customer service.

Permitting & Interconnection - The fees for local permitting and utility interconnection, which differ by area, will impact the cost of your installation. That said, reputable local installers will be able to incorporate these numbers into your preliminary quotes so there are no surprises.

See what solar panels cost in other WA cities

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Who are the best solar installers in Olympia?

A&R Solar

Seattle, WA(206) 707-9937

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Douglass Colony Group

Commerce City, CO(877) 288-0650

Services

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

SunVest Solar

Pewaukee, WI(262) 547-1200

Services

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

Solgen Power

Pasco, WA(855) 220-0778

Services

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

Elemental Energy

Portland, OR(503) 967-5786

Services

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

Whidbey Sun & Wind

Coupeville, WA(360) 678-7131

Services

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

Dividend Finance

San Francisco, CA(415) 805-7000

Services

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

SunPower Corporation

San Jose, CA(800) 786-7693

Services

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

Whidbey Sun and Wind

Coupeville, WA(360) 678-7131

Services

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

Entegrity

Little Rock, AR(800) 700-1414

Services

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

Northwest Electric & Solar

Kenmore, WA(206) 356-0601

Services

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

Puget Sound Solar

Seattle, WA(206) 706-1931

Services

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

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.

Olympia, WA Solar Panel Cost FAQs

  • In October, 2024, the average cost of solar panels per watt in Olympia, WA is $3.36/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Olympia, WA is roughly $11,760.
  • Various utility providers and government organizations in Washington are offering 14 rebates and incentives at this time. Additionally, the vast majority qualify for the 30% federal tax credit.
  • Although cash payments offer the greatest savings, many financing options for solar panels now exist that are also cost-effective. Many installers will include information about their financing partners in the initial quotes they provide.
  • Yes, the average 5 kW solar panel payback period in Olympia, WA stands at 8 years, yielding average electricity savings of $17,344.8 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01