Solar Panel Cost Guide in Sherman, IL (2023 Update)
- Sherman Solar Installation Cost: $16,461
- 25-Year Savings: $13,500
- Payback Period: 16.2 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Sherman
Let's take a look at the average cost of solar panels in Sherman.
The national average cost of solar panels is $2.66 per watt, but in Sherman it's 2.73 per watt.To cover the typical energy usage of the average home in Sherman, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $11,944, or $17,080 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of equipment you want to get, your solar contractor and more.But, once you've paid the initial cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $15,000 over 20 years on energy bills.
You can click the button below to get connected with a pre-vetted solar company in Sherman that can help you get a more accurate cost estimate for your home.
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
Trying to install solar panels on your own can be a time-consuming project, which is why using a solar installer is a good option for many homeowners. The expertise that solar installers provide can be invaluable as well, particularly if you aren't sure what kind of solar equipment would be right for your home.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
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 Sherman
Factors that Affect Solar Panel Costs in Sherman
There are several criteria that can determine your total 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
One of the most important factors to consider when it comes to the cost of going solar 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 $2,730 per kilowatt in Sherman.There are a lot of different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Sherman offer solar loans, which reduce your upfront costs of installing solar panels.Though solar loans make adopting solar energy more accessible for Sherman homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer 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.The size of the company can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down 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 | $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
There are many companies to choose from in Sherman, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the gold standard in the business, and offering such a warranty is one mark of a quality company.
- Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: The model of solar panel you want plays a role in which company you should go with, since different companies have different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Sherman, IL Solar Cost FAQs
How much does it cost to install solar panels in Sherman?
The average cost of solar panels in Sherman is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How long do solar panels last in Sherman?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.