Current cost of solar panels in Katy

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  • Utility provider: Texas-New Mexico Power Company
    Utility bill: $ 138

    Prices based on a 5.5kW system, after 26% federal tax credit

    Solar prices near you

    Cost range of local prices

    $8,560-$10,463

    Net profit (savings less system cost)

    $24,188-$29,563

    Payback period

    7.5-9.1 years

    Recommended size for the selected utility bill

    5.5kW

    Chart 1: Distribution curve of TX residential solar cost 2020
    $10K
    SolarReviews average

    Note: Prices after 26% Federal Solar Tax Credit

    Guide to solar power in Katy in 2020

    Katy is a great place to go solar. You’re probably using CenterPoint Energy as your utility. The high energy energy usage in Texas makes solar an even better investment.

    The most significant incentive to install solar panels in Katy is the 26% federal tax credit. However, the tax credit is set to step down to 22% at the end of 2020. This means in order to maximize your savings potential, the best time to go solar in Katy is now. 

    By entering your address into our solar panel calculator, you can see what other local incentives are available in your area. 

    Katy solar panel cost calculator

    10 best known solar energy companies

    Solar companies in Katy, TX that will provide a cost estimate for your home through SolarReviews.

    47

    Current solar incentives and tax credits available in Katy

    The 26% federal solar tax credit explained

    The federal solar tax credit is equal to 26% of the total cost of installing solar panels on your home. The amount of the tax credit is then deducted from your federal taxes. You can claim the credit over several years if the amount you owe in taxes is less than the amount of your tax credit. You can only take advantage of the federal tax credit if you pay federal income taxes.

    Keep in mind that the federal solar tax credit is set to step down at the end of 2021, falling from 26% of costs to just 22%. So, the best time to go solar is now, so you can maximize your solar savings.

    How much will solar panels on my home save me?

    The answer to this question depends on your electricity usage. Generally speaking, the higher your power usage, the greater your potential savings are from installing solar.

    The average monthly electricity usage in Texas is about 1,156 kWh per month. However, you are most likely using a lot more than this since this average includes small apartments and condos.

    The Katy solar panel savings calculator uses our database of electric rates from local utilities to convert your monthly power bill into how much electricity your home uses. From there, the calculator can work out how many solar panels you need to offset your power usage, how much a solar system will cost based on prices of local solar companies, and the amount of money you will save on your electric bill.

    Cost and savings for a 10.32 kW average-sized solar system in Katy

    Cost per watt range

    $2.25 - $2.76

    Net cost of system

    $13,561

    Average payback

    6.6 - 8 years

    Annual power production

    15,441 kWh

    Levelized cost of solar energy

    4¢ /kWh

    If you don't get solar

    20¢ /kWh

    (forecast avg Texas electric rates over the next 25 years)

    Average solar savings on this system over the next 25 years

    $48,213

    (Savings shown after repayments of capital)

    Related topics:

    Are solar panels worth it in Katy

    Solar panels have fallen in price by more than 80% in the last ten years. In 2020 they also remain subsidized by the 26% federal tax credit and the net metering law making them an excellent investment. They offer a return well above the long term average return from both the share market and also property investment.

    Another way to look at this question is the levelized amount you will pay for each kWh of power you will use over the next 25 years with and without solar panels. As you can see below the savings are significant.

    Going solar in TX

    Check out all of the ways energy providers of can help you be more energy efficient and save money.

    Table 2: Available incentive programs
    Eligibility: Federal incentive
    Type: Personal Tax Credit
    Eligibility: Utility incentive
    Type: Net Metering

    Showing 1 - 2 of 6

    Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.

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