Solar Panel Cost Guide in Rapid Valley, SD (2023 Update)
- Rapid Valley Solar Installation Cost: $14,220
- 25-Year Savings: $31,514
- Payback Period: 7.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Rapid Valley
We break down average solar pricing in Rapid Valley.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Rapid Valley, the average cost of solar panels is 2.39 per watt. Since a 8.5-kW system is needed to cover the energy usage of a typical home in Rapid Valley, the average price of going solar will be about $14,220 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Rapid Valley homeowners. 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 high upfront cost, the average Rapid Valley homeowner can save about $20,000 on their power bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a reputable solar panel company in Rapid Valley for a custom estimate.
Solar savings over time in Rapid Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-12,391 |
| 3 years | $-8,732 |
| 5 years | $-5,074 |
| 7 years | $-1,415 |
| 9 years | $2,244 |
| 11 years | $5,903 |
| 13 years | $9,562 |
| 15 years | $13,220 |
| 17 years | $16,879 |
| 19 years | $20,538 |
| 21 years | $24,197 |
| 23 years | $27,856 |
| 25 years | $31,514 |
Top Solar Installers in Rapid Valley
When making the switch to solar, many homeowners opt to use a solar installation company since overseeing your solar installation yourself can be a time-consuming project. Companies can also provide access to quality options of the best solar panels and help you choose which one will be right for your home.
If you're searching for a solar installer in Rapid Valley, the EcoWatch team has compiled a list of our top suggestions here:
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 Rapid Valley
Factors that Affect Solar Panel Costs in Rapid Valley
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Rapid Valley: 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 cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,390. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Rapid Valley, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, 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
If paying for solar panels in cash is too expensive, solar loans are a popular option because they lower 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 factor 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Rapid Valley, you'll have many options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Rapid Valley are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.49 | $10,440 | $21,859 | 8.1 years |
| 8 kW | $2.44 | $13,652 | $29,414 | 7.9 years |
| 10 kW | $2.39 | $16,730 | $37,102 | 7.8 years |
| 12 kW | $2.34 | $19,674 | $44,924 | 7.6 years |
| 14 kW | $2.29 | $22,485 | $52,879 | 7.5 years |
| 16 kW | $2.25 | $25,162 | $60,969 | 7.3 years |
| 18 kW | $2.20 | $27,705 | $69,192 | 7.1 years |
| 20 kW | $2.15 | $30,114 | $77,549 | 7.0 years |
How to Save on Solar Panels
There are numerous companies to choose from in Rapid Valley, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project timeline.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Rapid Valley, SD Solar Cost FAQs
What is the average cost of installing solar panels in Rapid Valley?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $11,950 for a 5-kW system and $23,900 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Rapid Valley?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is it worth going solar in Rapid Valley?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
What solar power system size is right for 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 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 get 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.