Solar Panel Cost Guide in Sherwood, AR (Mar 2023)
- Sherwood Solar Installation Cost: $14,917
- 25-Year Savings: $23,165
- Payback Period: 9.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Sherwood
Here's how much it might cost to make the switch to solar in Sherwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Sherwood, the typical cost of a solar system is 2.54 per watt. The average Sherwood homeowner needs a 8.4-kilowatt system, which would cost about $14,917 with the federal tax credit, or $21,331 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Sherwood homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on electricity bills.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Sherwood
| Year | Return on Investment |
|---|---|
| 1 years | $-13,394 |
| 3 years | $-10,348 |
| 5 years | $-7,301 |
| 7 years | $-4,254 |
| 9 years | $-1,208 |
| 11 years | $1,839 |
| 13 years | $4,885 |
| 15 years | $7,932 |
| 17 years | $10,979 |
| 19 years | $14,025 |
| 21 years | $17,072 |
| 23 years | $20,118 |
| 25 years | $23,165 |
Top Solar Installers in Sherwood
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make converting to solar power much easier. Another great thing about going with a reliable solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Sherwood:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Sherwood
Factors that Affect Solar Panel Costs in Sherwood
For many Sherwood homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Sherwood, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Sherwood homeowners opt to finance their solar panel systems to make paying for solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Sherwood, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also is within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.64 | $11,095 | $16,149 | 10.2 years |
| 8 kW | $2.59 | $14,508 | $21,816 | 10.0 years |
| 10 kW | $2.54 | $17,780 | $27,626 | 9.8 years |
| 12 kW | $2.49 | $20,909 | $33,578 | 9.6 years |
| 14 kW | $2.44 | $23,896 | $39,672 | 9.4 years |
| 16 kW | $2.39 | $26,741 | $45,908 | 9.2 years |
| 18 kW | $2.34 | $29,444 | $52,287 | 9.0 years |
| 20 kW | $2.29 | $32,004 | $58,808 | 8.8 years |
How to Save on Solar Panels
There are numerous companies available in Sherwood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: If you're concerned about the endurance of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Sherwood, AR Solar Cost FAQs
What is the average cost of installing solar panels in Sherwood?
The average cost of solar panels in Sherwood is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Sherwood?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels significantly reduce my energy bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Sherwood, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Sherwood?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.