Solar Panel Cost Guide in Spearfish, SD (2024 Update)
- Spearfish Solar Installation Cost: $21,241
- 25-Year Savings: $30,123
- Payback Period: 12.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Spearfish
See how much it might cost to install solar panels in Spearfish.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Spearfish, the average cost of solar panels is 4 per watt.Because a 8.5-kW system is needed to cover the energy needs of a typical home in Spearfish, the average price of going solar will be about $21,241 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of going solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy usage and what installation company you go with.Despite the high upfront cost, the average Spearfish homeowner can save about $21,000 on their electricity bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a vetted solar company in your area for a customized estimate.
Solar savings over time in Spearfish
| Year | Return on Investment |
|---|---|
| 1 years | $-19,606 |
| 3 years | $-16,335 |
| 5 years | $-13,065 |
| 7 years | $-9,794 |
| 9 years | $-6,523 |
| 11 years | $-3,253 |
| 13 years | $18 |
| 15 years | $3,288 |
| 17 years | $6,559 |
| 19 years | $9,830 |
| 21 years | $13,100 |
| 23 years | $16,371 |
| 25 years | $19,642 |
Top Solar Installers in Spearfish
Putting up solar panels by yourself can be a time-consuming task, which is why using a solar installer is a good option for many homeowners. The payback period of solar panels will vary based on factors like your location and energy consumption, but going with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Spearfish
Factors that Affect Solar Panel Costs in Spearfish
Even though the average cost of a solar system in Spearfish is $21,241, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,580. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular choice because they cut back your upfront costs and let you pay for your system over five to seven years on average.However, the interest on solar loans also increases your all-in costs, so it’s vital to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Spearfish is the company you hire to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, you’ll have many options for solar installers that provide a range of services for different budgets.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $15,724 | 12.5 years |
| 8 kW | $3.65 | $20,449 | $21,366 | 12.2 years |
| 10 kW | $3.58 | $25,060 | $27,209 | 12.0 years |
| 12 kW | $3.51 | $29,471 | $33,252 | 11.7 years |
| 14 kW | $3.44 | $33,681 | $39,496 | 11.5 years |
| 16 kW | $3.37 | $37,690 | $45,940 | 11.3 years |
| 18 kW | $3.29 | $41,499 | $52,584 | 11.0 years |
| 20 kW | $3.22 | $45,108 | $59,429 | 10.8 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Spearfish, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer’s reputation is by reading reviews.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Spearfish, SD Solar Cost FAQs
How much does it cost to install solar panels in Spearfish?
This is a difficult question to answer precisely, because the cost depends on many 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 cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Spearfish?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How much can I save on electricity bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Spearfish, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt 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.