Solar Panel Cost Guide in Sherman, IL (Mar 2023)
- Sherman Solar Installation Cost: $11,944
- 25-Year Savings: $13,508
- Payback Period: 11.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Sherman
See how much it might cost to install solar panels in Sherman.
Although the national average of solar panels is $2.66 per watt, solar panels in Sherman typically cost around 2.73. Since a 6.2-kW system is needed to cover the energy usage of a typical home in Sherman, the average price of going solar will be about $11,944 after claiming the federal solar tax credit of 30%.
Remember 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. With average savings of about $15,000 on utility bills over 20 years, many homeowners in Sherman find going solar can be quite rewarding.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Sherman
| Year | Return on Investment |
|---|---|
| 1 years | $-10,926 |
| 3 years | $-8,890 |
| 5 years | $-6,853 |
| 7 years | $-4,817 |
| 9 years | $-2,781 |
| 11 years | $-745 |
| 13 years | $1,291 |
| 15 years | $3,327 |
| 17 years | $5,363 |
| 19 years | $7,400 |
| 21 years | $9,436 |
| 23 years | $11,472 |
| 25 years | $13,508 |
Top Solar Installers in Sherman
Putting up solar panels by yourself can be a difficult task, which is why getting a solar installer is a good option for many homeowners. Companies can also provide access to quality options of the best solar panels and help you choose which one will be best for you.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Sherman
Factors that Affect Solar Panel Costs in Sherman
There are several factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
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, you can expect your total to increase by nearly $2,730. The type of solar equipment you choose can bring your price up or down 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, more efficient panels could save you more over time on your power bills. In addition, add-on products, such as solar batteries, can bring your total well above the Sherman average.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installation company you choose will influence your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. Companies that only sell high-quality, high-efficiency and high-price 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 go with the company that has the products, warranties and services you want and also fits 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 | $2.84 | $11,925 | $12,493 | 12.2 years |
| 8 kW | $2.78 | $15,594 | $16,963 | 12.0 years |
| 10 kW | $2.73 | $19,110 | $21,585 | 11.7 years |
| 12 kW | $2.68 | $22,473 | $26,361 | 11.5 years |
| 14 kW | $2.62 | $25,684 | $31,290 | 11.3 years |
| 16 kW | $2.57 | $28,741 | $36,371 | 11.0 years |
| 18 kW | $2.51 | $31,646 | $41,606 | 10.8 years |
| 20 kW | $2.46 | $34,398 | $46,993 | 10.6 years |
How to Save on Solar Panels
Since the type 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 pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: The kind of solar panel you want to get plays a part in which company you should go with, since different companies offer different panels.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Sherman, IL Solar Cost FAQs
What is the average cost of installing solar panels in Sherman?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Sherman?
Solar panels aren't free in Sherman, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase your home value?
Solar panels can increase the value of your home remarkably 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."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a 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 account for 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.