Is $38,588 to install a 15.75 kW solar panel system a fair price?
Project Details
My current electricity bill is around $193 a month, and I use about 16,000 kWh per year for my family of five, as both my wife and I are home during the day. I have some decent shading on the south part of my roof, which influenced the estimate. I'm mainly interested in solar to protect against future cost increases and to take advantage of the tax credit. I'm not getting a battery backup because Virginia has 1:1 net metering, and I don't need it. I'm considering keeping the tax credit separate from the loan to use for investments, savings, or roofing expenses, as my tax liability is sufficient to claim the full credit. I'm not planning on moving soon and am not concerned about homeowners insurance or property taxes, as solar is covered and exempt in Virginia. I'm currently deciding whether to proceed with this quote or not, as I'm hesitant about having one more thing to worry about.
Quote Details
This quote is for the installation of a 15.75 kW solar panel system with an estimated annual production of 15,216.2 kWh, achieving a 96% offset of current electricity usage. The price per watt is $2.45. The system includes comprehensive warranties. - Panels: 35x Canadian 6 L 450W - Inverters: 35x ENPHASE ENERGY IQ 8 AC 72 M US 240 V - Federal Tax Credit (ITC): $11,576.25 - SRECs (Solar Renewable Energy Credits): Estimated $538 per year - Loan Option: Soarion, 20-year term at 6.49% interest, with no dealer fee, resulting in a monthly payment of $298 (this loan amount does not include the ITC being applied to it). - Roof Penetration Warranty: 15 years - All-Inclusive Warranty: 25 years (covers workmanship, materials, etc.) - Manufacturer Warranties: Standard manufacturer warranties apply
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More Details
Category
Solar
Price
$38,588
Quote Date
July 30, 2025
Location
Virginia
# of Panels
35
System Size (kW)
15.75
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