Solar Panel Cost Guide in Sherwood, AR (Aug 2022)

  • Sherwood Solar Installation Cost: $15,770
  • 25-Year Savings: $22,312
  • Payback Period: 10.3 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Sherwood

Let's take a look at the average cost of solar panels in Sherwood.

In Sherwood, solar panels cost about $3 per watt on average. Using this figure, a typical 8.4 would cost about $15,770 before the federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar system you choose, your solar contractor and more. For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Sherwood see about $17,000 in savings on electricity bills over 20 years.

To see your potential savings and connect with a local solar company, click the button below.

Solar savings over time in Sherwood

Year Return on Investment
1 years $-14,247
3 years $-11,200
5 years $-8,153
7 years $-5,107
9 years $-2,060
11 years $986
13 years $4,033
15 years $7,080
17 years $10,126
19 years $13,173
21 years $16,219
23 years $19,266
25 years $22,312

Top Solar Installers in Sherwood

Trying to put up solar panels by yourself can be a dangerous undertaking, which is why using a solar installation company is a good option for many homeowners. Some solar companies, particularly local ones, can help you better understand incentives in Sherwood, optimizing your ROI.

Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

The Green Panel

★★★★★
4.5

  • 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

★★★★★
4.0

  • 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

There are many factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.

Solar Equipment Size

One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $2,540 per kilowatt in Sherwood. The brand of solar panels and equipment you choose is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.

Solar Financing Terms

Many homeowners find the average cost of solar in Sherwood to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest. However, the interest on solar loans also increase your all-in costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

The solar company you pick will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Sherwood have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.

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 $11,729 $15,515 10.8 years
8 kW $2.59 $15,338 $20,987 10.6 years
10 kW $2.54 $18,796 $26,610 10.3 years
12 kW $2.49 $22,104 $32,383 10.1 years
14 kW $2.44 $25,262 $38,306 9.9 years
16 kW $2.39 $28,269 $44,380 9.7 years
18 kW $2.34 $31,126 $50,604 9.5 years
20 kW $2.29 $33,833 $56,979 9.3 years

Solar Incentives in Sherwood

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

How to Save on Solar Panels

There are a lot of companies available in Sherwood, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:

  • Installation Process: When going solar, it's crucial to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the project timeline.
  • Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline incentives and warranties.
  • Solar Panel Brands: The kind of solar panel you'd like plays a part in which company you should go with, since different companies offer different panels.
  • Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

The Green Panel

★★★★★
4.5

  • 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

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Sherwood, AR Solar Cost FAQs

How much does it cost to install solar panels in Sherwood?

This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.

Should I lease or buy solar panels in Sherwood?

Leasing solar panels can be an attractive choice, as it often 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 way to go if you want to get the most savings.

Does Sherwood have a net metering program?

Most states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.

What solar power system size is right for my home?

To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.

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.

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