Solar power in Plano, Texas
Oncor by far offers the best solar incentives in Plano, and maybe even the whole state. For each kW of installed solar, Oncor offers a rebate of $538.53. There is also a Feed in Tariff (FiT) of 25 cents per kWh nearly 3 times the retail power rate. With most people being out of the house during the day when solar is producing the most power this FiT will make you a lot of money.
A large portion of the system cost after the utility rebate — 26% in 2020, or 22% in 2021 — may also be claimed as a deduction to federal taxes. The federal solar tax credit can be used in parts over several years or all in one year, there is also no size limit to receive the full percentage that applies for that year.
In Texas, incentives like these are extremely rare and Oncor will slowly be reducing their incentives in the next few years. Enter your address into our solar calcualtor below to get a quote and a detailed estimate of how much solar will save you!
The average cost of installing residential solar panels in Plano,
Texas in 2020 is
$2.52 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Plano, TX
is $12,600.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in Texas is only 1168kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Plano solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our Texas solar savings calculator can do this because it contains a database of the electric rates charged by Cap Rock Energy Corporation, Denton County Elec Coop Inc, Fannin County Electric Coop, Farmers Electric Coop Inc, Farmersville City of, Grayson-Collin Elec Coop Inc, Greenbelt Electric Coop Inc, Lighthouse Electric Coop Inc, Southwestern Electric Power Co, Oncor Electric Delivery (formerly TXU), Texas-New Mexico Power Company, TXU Energy Retail Co LP, Reliant Energy Retail Services
How much can solar panels save you in Plano
What does the cost of a real solar system look like?
Facts about installing a 14.53kW solar system in Plano, TX
This system would offset 100% of your energy usage if your typical monthly bill is $218, however your situation may vary so try our Plano solar calculator to get a result tailored to you.
$24,730
Net cost of system
8 Years
Average payback time
20,123 kWh
Annual power production
5¢/kWh
Levelized cost of solar energy
23¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 14.53kW system
Life-time savings on this system over the next 25 years
$80,652
(Prices shown after repayments of capital)
50
Solar companies in Plano, TX that provide pricing through the Solar-Estimate marketplace.
Average total cost of solar panel installation in Plano
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $5,972 | $6,450 |
| 4kw | $7,785 | $8,408 |
| 5kw | $9,546 | $10,310 |
| 6kw | $11,189 | $12,084 |
| 7kw | $12,795 | $13,818 |
| 8kw | $14,267 | $15,409 |
| 9kw | $15,718 | $16,975 |
| 10kw | $17,020 | $18,382 |
Find out what system size you need for your home
Going solar in Texas
Check out all of the ways energy providers of Texas can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Renewable Energy Property Tax Incentive | State | Property Tax Incentive |
| Farmers Electric Cooperative - Residential Energy Efficiency Rebate Program | Utility | Rebate Program |
| Oncor Electric Delivery - Solar Photovoltaic Standard Offer Program (Waitlist) | Utility | Rebate Program |
| Coserv - Solar Energy Rebate | Utility | Rebate Program |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
