Solar Panel Cost Guide in Vermillion, SD (2024 Update)
- Vermillion Solar Installation Cost: $22,031
- 25-Year Savings: $22,797
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Vermillion
Find out how much it might cost to install solar panels in Vermillion.
In Vermillion, solar panels cost about 4 per watt on average.Using this figure, a typical 8.8-kW system would cost about $22,031 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Vermillion homeowner. The cost 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.But, after you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $16,000 over 20 years on power bills.
Click the button below to get connected to a top solar company in your area for a customized quote.
Solar savings over time in Vermillion
| Year | Return on Investment |
|---|---|
| 1 years | $-20,658 |
| 3 years | $-17,911 |
| 5 years | $-15,165 |
| 7 years | $-12,419 |
| 9 years | $-9,673 |
| 11 years | $-6,926 |
| 13 years | $-4,180 |
| 15 years | $-1,434 |
| 17 years | $1,312 |
| 19 years | $4,059 |
| 21 years | $6,805 |
| 23 years | $9,551 |
| 25 years | $12,298 |
Top Solar Installers in Vermillion
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Hiring an installer can make switching to solar power much easier. Also, if you’d like to maximize your investment in solar energy, going with a solar installer can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives.
There are several 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 Vermillion
Factors that Affect Solar Panel Costs in Vermillion
While the average cost of a solar system in Vermillion is $22,031, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar energy system in Vermillion, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by about $3,580 for each additional kilowatt you need.The kind of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are an affordable choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to 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 finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Vermillion, and each can charge different amounts for labor and equipment.The company’s size sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing 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 companies.
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 | $9,959 | 15.3 years |
| 8 kW | $3.65 | $20,449 | $13,680 | 15.0 years |
| 10 kW | $3.58 | $25,060 | $17,601 | 14.7 years |
| 12 kW | $3.51 | $29,471 | $21,723 | 14.4 years |
| 14 kW | $3.44 | $33,681 | $26,045 | 14.1 years |
| 16 kW | $3.37 | $37,690 | $30,568 | 13.8 years |
| 18 kW | $3.29 | $41,499 | $35,291 | 13.5 years |
| 20 kW | $3.22 | $45,108 | $40,214 | 13.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which model 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 ask for their list of options before deciding.
- Contract: Before you sign a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
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 Vermillion, SD Solar Cost FAQs
What is the average cost of installing solar panels in Vermillion?
The average cost of solar panels in Vermillion is about $17,900 for a 5-kW system and $35,800 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Vermillion?
A solar panel system isn’t free in Vermillion, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $853.22 per year.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.