Solar Panel Cost Guide in Sherwood, OR (2024 Update)
- Sherwood Solar Installation Cost: $10,677
- 25-Year Savings: $24,436
- Payback Period: 11.9 Years
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Average Cost of Solar Panels in Sherwood
Find out what the average cost of solar panels are in Sherwood.
The average cost of a solar system in Sherwood is 4 per watt.Because a 4.4-kW system is needed to cover the energy usage of a typical home in Sherwood, the average price of going solar will be about $10,677 after claiming the federal solar tax credit of 0.
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, your solar contractor and more.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $21,000 over 20 years on electricity bills.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Sherwood
| Year | Return on Investment |
|---|---|
| 1 years | $-9,273 |
| 3 years | $-6,464 |
| 5 years | $-3,655 |
| 7 years | $-845 |
| 9 years | $1,964 |
| 11 years | $4,773 |
| 13 years | $7,582 |
| 15 years | $10,391 |
| 17 years | $13,200 |
| 19 years | $16,009 |
| 21 years | $18,818 |
| 23 years | $21,627 |
| 25 years | $24,436 |
Top Solar Installers in Sherwood
Although you can install solar panels yourself, it takes extra effort and knowledge. For that reason, the majority of homeowners choose to go with a solar panel installer. Solar warranties and repairs are typically included in the cost of installation when you sign a contract with a solar contractor too, which can save you more money over time.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 depends 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 various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,500. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Sherwood, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited 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
Many homeowners find the average cost of solar in Sherwood to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only 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 securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Sherwood is the company you get to install your solar system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services at different price points.The company’s size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more 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 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 | $3.64 | $15,288 | $15,643 | 12.4 years |
| 8 kW | $3.57 | $19,992 | $21,250 | 12.1 years |
| 10 kW | $3.50 | $24,500 | $27,052 | 11.9 years |
| 12 kW | $3.43 | $28,812 | $33,051 | 11.6 years |
| 14 kW | $3.36 | $32,928 | $39,245 | 11.4 years |
| 16 kW | $3.29 | $36,848 | $45,636 | 11.2 years |
| 18 kW | $3.22 | $40,572 | $52,222 | 10.9 years |
| 20 kW | $3.15 | $44,100 | $59,005 | 10.7 years |
How to Save on Solar Panels
There are many companies to choose from in Sherwood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Before you sign a contract with a solar installer, be sure to read it through fully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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, OR Solar Cost FAQs
What is the average cost of installing solar panels in Sherwood?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,500 for a 5-kW system and $35,000 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Sherwood?
A solar panel system isn’t free in Sherwood, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can you sell solar power back to the grid in Sherwood?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future electricity bills.
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 requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.