Solar Panel Cost Guide in Sioux Falls, SD (2024 Update)
- Sioux Falls Solar Installation Cost: $22,136
- 25-Year Savings: $24,151
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in Sioux Falls
Find out what the average cost of installing solar panels is in Sioux Falls.
The average cost of solar panels in Sioux Falls is 4 per watt.Using this figure, a typical 8.8-kW system would cost about $22,136 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.Many homeowners find going solar is a solid investment. The average homeowner in Sioux Falls can save around $17,000 on their electricity bills over 20 years.
To get a free estimate from a top solar installer in Sioux Falls, you can click the button below.
Solar savings over time in Sioux Falls
| Year | Return on Investment |
|---|---|
| 1 years | $-20,682 |
| 3 years | $-17,772 |
| 5 years | $-14,863 |
| 7 years | $-11,954 |
| 9 years | $-9,045 |
| 11 years | $-6,136 |
| 13 years | $-3,227 |
| 15 years | $-317 |
| 17 years | $2,592 |
| 19 years | $5,501 |
| 21 years | $8,410 |
| 23 years | $11,319 |
| 25 years | $14,229 |
Top Solar Installers in Sioux Falls
Many homeowners choose to use a solar panel company since trying to install solar panels by yourself can be challenging. Solar warranties and repairs are ordinarily included in the cost of installation when you hire a solar company too, which can save you more money after your upfront investment.
If you’d like to switch to solar energy but still aren’t sure which solar system company to go with, here are our suggestions for providers in Sioux Falls:
See all of the solar companies in Sioux Falls
Factors that Affect Solar Panel Costs in Sioux Falls
Though the average cost of a solar system in Sioux Falls is $22,136, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,580.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Sioux Falls, 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
Most solar companies in Sioux Falls have solar loans, which reduce your upfront costs of installing solar panels.You’ll have to consider the long-term cost of financing options, including the amount of 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 principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can play a role in determining your pricing. Sioux Falls’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Sioux Falls know more 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 help you save 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 | $3.72 | $15,637 | $10,805 | 14.8 years |
| 8 kW | $3.65 | $20,449 | $14,808 | 14.5 years |
| 10 kW | $3.58 | $25,060 | $19,011 | 14.2 years |
| 12 kW | $3.51 | $29,471 | $23,414 | 13.9 years |
| 14 kW | $3.44 | $33,681 | $28,019 | 13.6 years |
| 16 kW | $3.37 | $37,690 | $32,823 | 13.4 years |
| 18 kW | $3.29 | $41,499 | $37,828 | 13.1 years |
| 20 kW | $3.22 | $45,108 | $43,034 | 12.8 years |
How to Save on Solar Panels
Since the model of solar panels and the company 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:
- Warranty: If you’re concerned about the longevity of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer’s reputation is by reading reviews.
- Solar Panel Brands: The brand of solar panel you need to get plays a role in which company you should go with, since different companies have access to different panels.
EcoWatch's Sioux Falls, SD Solar Cost FAQs
What is the average cost of installing solar panels in Sioux Falls?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Sioux Falls is currently $313,960, which means you can expect a value of about $12,872 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Sioux Falls is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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.