The cost of solar panels in Banks, OR (2024)

Updated May 21, 2024

  • You'll pay an average of $14,523 to install a 5 kilowatt solar panel system in Banks, OR, before incentives.

  • The federal investment tax credit (ITC) lowers that price by 30% of all your solar equipment and installation costs.

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Written by: Emily Walker

As of May 2024, the average solar panel system costs $2.90/W including installation in Banks, OR. For a 5 kW installation, this comes out to about $14,523 before incentives, though prices range from $12,345 to $16,701. After the federal tax credit, the average price drops by 30%.

Average price of a 5 kW solar panel installation in Banks, OR

Good Price
$12,345 or less
Market Average
$14,523
High Price
$16,701 or more

You'll probably pay even less than what we show here. It doesn't include the federal ITC or Banks, OR state incentives, which will lower this price by at least a few thousand dollars.

Your solar panel cost depends on your system's size

It may seem obvious but larger solar panel systems cost more money. We use cost per watt ($/W) so you can easily compare quotes, controlling for slight variations in system size.

While a 5 kW system will only cost you $14,523 in Banks, OR, doubling the system size effectively doubles the price, so you'll pay about twice that for a 10 kW system. The higher the price tag, though, the more you'll get back as a credit towards your federal tax bill.

Average solar cost by system size in Banks, OR

System Size
System Cost
System Cost (after ITC)
3 kW$8,714$6,100
4 kW$11,618$8,133
5 kW$14,523$10,166
6 kW$17,427$12,199
7 kW$20,332$14,232
8 kW$23,236$16,265
9 kW$26,141$18,299
10 kW$29,045$20,332

Are solar panels worth it in Banks, OR?

Solar panels are worth it in most areas, including Banks, OR. Certain factors, including the cost of electricity, incentives, climate, and the angle at which the sun hits your roof impact how quickly you break even on your investment relative to other areas around the U.S. 

If you pay for your system with cash, you'll save about $21,234 over 20 years on electricity costs with a 5 kW system in Banks, OR. We generate this estimate based on real solar quote data from our Marketplace. It considers your system's cost, the federal tax credit, and inflation rates.

Payback Period
9.52 Years
20-Year Savings
$21,234
Cost-per-Watt
$2.90

If you can't shell out $14,523 in cash to pay for solar, don't sweat it. You can choose to finance your system with a loan instead. Some companies even offer $0-down loans so you can start saving on day one if your loan payments are less than your current electric bills. Just keep in mind that your long-term savings will be lower with a loan due to interest rates.

Find out what solar panels cost in your area in 2024
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The numbers we're showing are averages. The price you'll pay for solar depends on many factors unique to you and your home:

If you're looking for solar companies in OR, here are some popular suggestions:

  • Smart Solar Energy
    Portland, OR
    Established 1995
    Elite Installer
    Smart Solar Energy is a family-owned solar contractor that specializes in residential solar installations. With m...
    Elite Installer
    Screened & Verified
    5.0 /5.0
    88 Reviews

    Smart Solar Energy is a family-owned solar contractor that specializes in residential solar installations. With m...
  • Energy Solutions, LLC
    Oregon City, OR
    Established 2013
    Elite Installer
    Energy Solutions provides high quality, low-cost solar installations for residential and commercial customers in ...
    Elite Installer
    Screened & Verified
    5.0 /5.0
    33 Reviews

    Energy Solutions provides high quality, low-cost solar installations for residential and commercial customers in ...
  • Power Northwest
    Portland, OR
    Established 2019
    Elite Installer
    At Power Northwest we specialize in solar and energy designs tailored for Oregon and SW Washington conditions. W...
    Elite Installer
    Screened & Verified
    5.0 /5.0
    21 Reviews

    At Power Northwest we specialize in solar and energy designs tailored for Oregon and SW Washington conditions. W...
  • Sunpath Services
    Beaverton, OR
    Established 2020
    Elite Installer
    Sunpath Services is a local solar company with an office in Beaverton, OR. Customer service, integrity and a low-...
    Elite Installer
    Screened & Verified
    5.0 /5.0
    28 Reviews

    Sunpath Services is a local solar company with an office in Beaverton, OR. Customer service, integrity and a low-...
  • ION SOLAR
    Wilsonville, OR
    Established 2013
    Advanced Installer
    Premium Experience
    Switching to solar shouldn’t be complicated. While other companies promise simplicity they sim...
    Advanced Installer
    Screened & Verified

    Premium Experience
    Switching to solar shouldn’t be complicated. While other companies promise simplicity they sim...

Solar is a major purchase, but you can get the price tag to come down a bit by being an educated shopper. Taking advantage of incentives and rebates and shopping around for quotes can bring down your cost of solar in Banks, OR.

Take advantage of federal and local solar incentives

As long as your federal tax bill is high enough, you can take advantage of the federal tax credit in Banks, OR. This incentive allows you to apply 30% of your solar installation and equipment costs toward your federal tax bill. If the amount exceeds your tax bill, you can roll over the remaining credit to the following year. Many states also offer great local incentives and rebates.

Get quotes from multiple installers

Comparing multiple solar quotes can save you money through competition and transparency. Each additional quote you receive for solar will help you find the right solar panel system at the right price.

This is where EnergySage can help. With funding from the Department of Energy’s SunShot Prize, EnergySage opened the country’s first (and now the largest) marketplace for home solar panel installations. We gather custom solar quotes from local installers on your behalf and put them in an easy-to-compare format. When you compare quotes for solar panels on the EnergySage Marketplace, you can expect to see prices up to 20% lower than if you work with a single solar company.

Why shop with EnergySage?

Save time & money

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