Solar Panel Cost Guide in Sherwood, AR (2023 Update)
- Sherwood Solar Installation Cost: $14,912
- 25-Year Savings: $23,170
- Payback Period: 9.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Sherwood
Find out what the average cost of solar panels are in Sherwood.
The national average cost of solar panels is $2.66 per watt, but in Sherwood it's 2.54 per watt. Because a 8.4-kW system is needed to cover the energy consumption of a typical home in Sherwood, the average price of going solar will be about $14,917 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average energy use of Sherwood homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Even with the high upfront cost, the average Sherwood homeowner can save around $17,000 on their power bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a highly rated solar company in Sherwood for a personalized quote.
Solar savings over time in Sherwood
| Year | Return on Investment |
|---|---|
| 1 years | $-14,785 |
| 3 years | $-14,531 |
| 5 years | $-14,277 |
| 7 years | $-14,024 |
| 9 years | $-13,770 |
| 11 years | $-13,516 |
| 13 years | $-13,262 |
| 15 years | $-13,008 |
| 17 years | $-12,754 |
| 19 years | $-12,500 |
| 21 years | $-12,246 |
| 23 years | $-11,992 |
| 25 years | $-11,739 |
Top Solar Installers in Sherwood
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Going with an installer can make your swap to solar power much easier. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance in the long run.
If you'd like to make the switch to solar but still aren't certain which solar system company to go with, here are our suggestions for providers 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
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 considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,540. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Sherwood average.
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 offset upfront costs. Even though solar loans make going solar more accessible for Sherwood homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in Sherwood, and each can charge varying amounts for labor and equipment. Additionally, some companies in Sherwood know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $11,095 | $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
Since the model of solar panels and the company you choose considerably affects your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Look through the contract terms closely to make sure you understand the overall cost, project completion timeline rebates and warranties.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar installer. Make sure you understand how the installation process will go and the project timeline.
- 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 big role in the company you opt for.
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
EcoWatch's Sherwood, AR Solar Cost FAQs
How much does it cost to install 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 things like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Sherwood?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.