Solar Panel Cost Guide in Sherman, TX (2023 Update)
- Sherman Solar Installation Cost: $14,629
- 25-Year Savings: $27,124
- Payback Period: 8.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Sherman
We break down average solar pricing in Sherman.
While the national average of solar panels is $2.66 per watt, solar panels in Sherman generally cost about 2.69. To cover the typical energy needs of the average home in Sherman, most homeowners require a 7.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $14,631, or $20,922 before the federal solar tax credit of 30% is applied.
The true cost of your system can go higher or lower than the average in Sherman based on several factors, such as the brand of solar panels you choose and the solar contractor you hire. Despite the large upfront cost, the average Sherman homeowner can save around $20,000 on their power bills over 20 years, which is one of the positives of solar.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Sherman
| Year | Return on Investment |
|---|---|
| 1 years | $-14,490 |
| 3 years | $-14,211 |
| 5 years | $-13,933 |
| 7 years | $-13,655 |
| 9 years | $-13,376 |
| 11 years | $-13,098 |
| 13 years | $-12,820 |
| 15 years | $-12,541 |
| 17 years | $-12,263 |
| 19 years | $-11,985 |
| 21 years | $-11,706 |
| 23 years | $-11,428 |
| 25 years | $-11,150 |
Top Solar Installers in Sherman
Although you can install solar panels by yourself, it requires extra labor and handiness. That's why the majority of homeowners choose to go with a solar panel installer. Plus, if you'd like to maximize your investment in solar power, opting for a solar installer can help with that as well. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Sherman
Factors that Affect Solar Panel Costs in Sherman
Even though the average cost of a solar system in Sherman is $14,631, your final cost may differ. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, 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 nearly $2,690. There are several different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you choose 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
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Sherman, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. It's wise to add 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 back the loan.
Solar Panel Installation Company
The solar installer you go with to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies operating throughout Sherman, and each can charge varying amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.80 | $11,750 | $20,496 | 9.1 years |
| 8 kW | $2.74 | $15,365 | $27,629 | 8.9 years |
| 10 kW | $2.69 | $18,830 | $34,913 | 8.8 years |
| 12 kW | $2.64 | $22,144 | $42,347 | 8.6 years |
| 14 kW | $2.58 | $25,308 | $49,932 | 8.4 years |
| 16 kW | $2.53 | $28,320 | $57,668 | 8.2 years |
| 18 kW | $2.47 | $31,182 | $65,554 | 8.1 years |
| 20 kW | $2.42 | $33,894 | $73,591 | 7.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Sherman, TX Solar Cost FAQs
What is the average cost of installing solar panels in Sherman?
The average cost of solar panels in Sherman is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Sherman is currently $123,896, so you could be looking at a value of about $5,080 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Sherman is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out 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.