Solar Panel Cost Guide in Smithfield, UT (2023 Update)
- Smithfield Solar Installation Cost: $9,658
- 25-Year Savings: $15,239
- Payback Period: 9.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Smithfield
Find out what the average cost of a solar system is in Smithfield.
The national average cost of solar panels is $2.66 per watt, but in Smithfield it's 2.68 per watt. Because a 5.2-kW system is needed to cover the energy consumption of a typical home in Smithfield, the average price of going solar will be about $9,661 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more. Many homeowners find going solar is a sound investment. The average homeowner in Smithfield can save around $18,000 on their power bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Smithfield
| Year | Return on Investment |
|---|---|
| 1 years | $-8,662 |
| 3 years | $-6,670 |
| 5 years | $-4,677 |
| 7 years | $-2,685 |
| 9 years | $-693 |
| 11 years | $1,299 |
| 13 years | $3,292 |
| 15 years | $5,284 |
| 17 years | $7,276 |
| 19 years | $9,268 |
| 21 years | $11,261 |
| 23 years | $13,253 |
| 25 years | $15,245 |
Top Solar Installers in Smithfield
Although you can install solar panels on your own, it takes extra energy and expertise. That's one of the reasons most people choose to hire a solar panel installer. Plus, if you aren't sure what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
If you're looking for a solar installer in Smithfield, the EcoWatch team has compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Smithfield
Factors that Affect Solar Panel Costs in Smithfield
Even though the average cost of a solar system in Smithfield is $9,661, your actual cost may differ. There are quite a few 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
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,680. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Smithfield homeowners decide to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, 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 securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can impact how much it costs. Smithfield's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $2.79 | $11,706 | $17,310 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,380 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,601 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $35,971 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,492 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $49,162 | 9.1 years |
| 18 kW | $2.47 | $31,067 | $55,983 | 8.9 years |
| 20 kW | $2.41 | $33,768 | $62,954 | 8.7 years |
How to Save on Solar Panels
Since the model of solar panels and the installer 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:
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- 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 has an impact on which solar panel brands you have access to.
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Smithfield, UT Solar Cost FAQs
What is the average cost of installing solar panels in Smithfield?
The average cost of solar panels in Smithfield is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Smithfield?
A solar panel system isn't free in Smithfield, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Do solar panels increase your home value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power 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 typically 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.