Solar Panel Cost Guide in Smithfield, UT (Mar 2023)
- Smithfield Solar Installation Cost: $9,661
- 25-Year Savings: $15,236
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Smithfield
We go over average solar pricing in Smithfield.
The average cost of a solar panel system in Smithfield is 2.68 per watt. The average Smithfield homeowner needs a 5.2-kilowatt system, which would cost about $9,661 with the federal tax credit, or $13,815 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of installing solar panels can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what company you go with. For many homeowners, the upfront investment in solar panels is worth paying. On average Smithfield homeowners see about $18,000 in savings on utility bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a personalized estimate.
Solar savings over time in Smithfield
| Year | Return on Investment |
|---|---|
| 1 years | $-8,666 |
| 3 years | $-6,674 |
| 5 years | $-4,682 |
| 7 years | $-2,690 |
| 9 years | $-698 |
| 11 years | $1,293 |
| 13 years | $3,285 |
| 15 years | $5,277 |
| 17 years | $7,269 |
| 19 years | $9,260 |
| 21 years | $11,252 |
| 23 years | $13,244 |
| 25 years | $15,236 |
Top Solar Installers in Smithfield
Although it's possible to install solar panels by yourself, it takes extra energy and know-how. That's one of the reasons almost all homeowners choose a solar panel installer. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you'd like to make the switch to solar but still aren't certain which solar installer to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 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 consider.
Solar Equipment
The size of the solar system you need for your home, 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 about $2,680. There are many different solar panel brands and the one you pick also changes 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 just 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 a solar system out of pocket is too expensive, solar loans are a popular choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Although solar loans make adopting solar energy more accessible for Smithfield homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies operating in Smithfield, and each can charge different amounts for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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
The solar panel company you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- Reputation: Your solar installer should have a good reputation as a company and have proven 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 satisfied reviews from past customers.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Different companies will carry various brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one mark of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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.