Solar Panel Cost Guide in Sherman, TX (2023 Update)
- Sherman Solar Installation Cost: $14,631
- 25-Year Savings: $27,121
- Payback Period: 8.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Sherman
Find out how much it might cost to switch to solar power in Sherman.
The average cost of solar panels in Sherman is 2.69 per watt. To cover the typical energy usage of the average home in Sherman, most homeowners require a 7.8-kilowatt system. Using the figure above, a solar installation costs about $14,631, or $20,922 before the federal solar tax credit of 30% is applied.
How much you pay can be above or below the average in Sherman based on a few factors, such as the model of solar panels you choose and the solar company you hire. Despite the significant initial cost, the average Sherman homeowner can save about $20,000 on their energy bills over 20 years, which is one of the positives of solar.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Sherman
| Year | Return on Investment |
|---|---|
| 1 years | $-12,961 |
| 3 years | $-9,621 |
| 5 years | $-6,280 |
| 7 years | $-2,940 |
| 9 years | $400 |
| 11 years | $3,740 |
| 13 years | $7,080 |
| 15 years | $10,420 |
| 17 years | $13,761 |
| 19 years | $17,101 |
| 21 years | $20,441 |
| 23 years | $23,781 |
| 25 years | $27,121 |
Top Solar Installers in Sherman
Many homeowners decide to use a solar panel installer since trying to install solar panels on your own can be hard. Plus, if you'd like to maximize your investment in solar, going with a solar company can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
Although the average cost of a solar system in Sherman is $14,631, your actual cost may differ. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Sherman, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Sherman is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Sherman know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $2.80 | $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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Warranty: If you're worried 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.
- Reputation: Companies that have been in business for many years likely have a high 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 support, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: Before signing a contract with a solar company, be sure to look it over fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to consider when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much 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 amount of 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 install 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.