Solar Panel Cost Guide in Sheridan, CO (2023 Update)
- Sheridan Solar Installation Cost: $9,633
- 25-Year Savings: $15,839
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Sheridan
See how much it might cost to make the switch to solar in Sheridan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Sheridan, the typical cost of a solar system is 2.69 per watt. The average solar panel system size in Sheridan is around 5.1 kilowatts, meaning a cost of about $9,641 for a solar installation, or $13,787 before the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will look different based on factors unique to your home and what company you choose to go with. But, once you've paid the initial cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $19,000 over 20 years on utility bills.
To get a free estimate from a pre-vetted solar company in Sheridan, you can click the button below.
Solar savings over time in Sheridan
| Year | Return on Investment |
|---|---|
| 1 years | $-9,548 |
| 3 years | $-9,378 |
| 5 years | $-9,208 |
| 7 years | $-9,038 |
| 9 years | $-8,869 |
| 11 years | $-8,699 |
| 13 years | $-8,529 |
| 15 years | $-8,359 |
| 17 years | $-8,189 |
| 19 years | $-8,019 |
| 21 years | $-7,850 |
| 23 years | $-7,680 |
| 25 years | $-7,510 |
Top Solar Installers in Sheridan
Many homeowners opt for a solar panel company since figuring out how to install solar panels yourself can be a labor-intensive endeavor. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Sheridan
Factors that Affect Solar Panel Costs in Sheridan
While the average cost of a solar system in Sheridan is $9,641, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you choose also affects the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Sheridan to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest. However, the interest on solar loans also adds to your overall costs, so it's important to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.80 | $11,750 | $18,125 | 9.8 years |
| 8 kW | $2.74 | $15,365 | $24,468 | 9.6 years |
| 10 kW | $2.69 | $18,830 | $30,962 | 9.5 years |
| 12 kW | $2.64 | $22,144 | $37,606 | 9.3 years |
| 14 kW | $2.58 | $25,308 | $44,401 | 9.1 years |
| 16 kW | $2.53 | $28,320 | $51,347 | 8.9 years |
| 18 kW | $2.47 | $31,182 | $58,443 | 8.7 years |
| 20 kW | $2.42 | $33,894 | $65,690 | 8.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on 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:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before making your decision.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Sheridan, CO Solar Cost FAQs
What is the average cost of installing solar panels in Sheridan?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Sheridan?
You can't get solar panels for free in Sheridan. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.