Solar Panel Cost Guide in Sherman, IL (2024 Update)
- Sherman Solar Installation Cost: $16,461
- 25-Year Savings: $13,500
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Sherman
Find out what the average cost of installing solar panels is in Sherman.
The average cost of a solar panel system in Sherman is 4 per watt.To cover the typical energy usage of the average home in Sherman, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,461, or $23,539 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average Sherman homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Even with the large upfront cost, the average Sherman homeowner can save about $15,000 on their power bills over 20 years, which is one of the benefits of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Sherman
Year | Return on Investment |
---|---|
1 years | $-15,610 |
3 years | $-13,909 |
5 years | $-12,208 |
7 years | $-10,506 |
9 years | $-8,805 |
11 years | $-7,104 |
13 years | $-5,402 |
15 years | $-3,701 |
17 years | $-2,000 |
19 years | $-299 |
21 years | $1,403 |
23 years | $3,104 |
25 years | $4,805 |
Top Solar Installers in Sherman
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with a solar company can make converting to solar power much easier. In addition, if you’d like to maximize your investment in solar energy, opting for a solar company can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
If you’d like to switch to solar energy but still aren’t certain which solar installer to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Sherman
Factors that Affect Solar Panel Costs in Sherman
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Sherman: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,760. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Sherman, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Sherman is the company you choose to install your solar panel system. As with choosing a company to renovate your kitchen, for example, you’ll have no shortage of solar installers that offer a range of services for different budgets.Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
---|---|---|---|---|
6 kW | $3.91 | $16,424 | $7,994 | 16.8 years |
8 kW | $3.84 | $21,477 | $11,079 | 16.5 years |
10 kW | $3.76 | $26,320 | $14,375 | 16.2 years |
12 kW | $3.68 | $30,952 | $17,882 | 15.8 years |
14 kW | $3.61 | $35,374 | $21,599 | 15.5 years |
16 kW | $3.53 | $39,585 | $25,527 | 15.2 years |
18 kW | $3.46 | $43,586 | $29,666 | 14.9 years |
20 kW | $3.38 | $47,376 | $34,015 | 14.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a good company.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
- Contract: Before signing a contract with a solar installer, be sure to read it through fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Sherman, IL Solar Cost FAQs
What is the average cost of installing solar panels in Sherman?
The average cost of solar panels in Sherman is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $813.91 per year.
How many solar panels should I get to power my home?
To figure out how many solar panels 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 household 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.