Solar Panel Cost Guide in Cody, WY (2023 Update)
- Cody Solar Installation Cost: $27,572
- 25-Year Savings: $48,505
- Payback Period: 9.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cody
Find out what the average cost of solar panels are in Cody.
The average cost of a solar panel system in Cody is 2.57 per watt. The average Cody homeowner needs a 15.3-kilowatt system, which would cost about $27,579 with the federal tax credit, or $39,438 before the 30% tax credit is applied.
The true cost of your system can be above or below the average in Cody depending on several factors, such as the brand of solar panels you choose and the solar company you hire. With average savings of about $19,000 on energy bills over 20 years, many homeowners in Cody find investing in solar can pay off big.
You can click the button below to get connected with a vetted solar company in Cody for a quote for your home.
Solar savings over time in Cody
| Year | Return on Investment |
|---|---|
| 1 years | $-27,318 |
| 3 years | $-26,811 |
| 5 years | $-26,304 |
| 7 years | $-25,797 |
| 9 years | $-25,290 |
| 11 years | $-24,782 |
| 13 years | $-24,275 |
| 15 years | $-23,768 |
| 17 years | $-23,261 |
| 19 years | $-22,754 |
| 21 years | $-22,247 |
| 23 years | $-21,739 |
| 25 years | $-21,232 |
Top Solar Installers in Cody
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring a solar company can make switching to solar power much easier. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
Solar Veteran
Creative Energies
- Certified B Corp
- Outstanding customer service
- Many years of experience
- Multitude of products and services
- No leases or PPAs
- Slightly expensive
See all of the solar companies in Cody
Factors that Affect Solar Panel Costs in Cody
For many Cody homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Cody, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need, 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 $2,570. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Cody, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Cody to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest. Though solar loans make switching to solar energy more accessible for Cody homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installation company you pick will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk 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 | $2.67 | $11,226 | $18,557 | 9.4 years |
| 8 kW | $2.62 | $14,680 | $25,030 | 9.2 years |
| 10 kW | $2.57 | $17,990 | $31,648 | 9.1 years |
| 12 kW | $2.52 | $21,156 | $38,409 | 8.9 years |
| 14 kW | $2.47 | $24,179 | $45,314 | 8.7 years |
| 16 kW | $2.42 | $27,057 | $52,364 | 8.5 years |
| 18 kW | $2.36 | $29,791 | $59,557 | 8.3 years |
| 20 kW | $2.31 | $32,382 | $66,894 | 8.2 years |
How to Save on Solar Panels
The solar panel company you go with will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Reputation: Your solar installer should have a sound 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Solar Panel Brands: The kind of solar panel you need plays a part in which company you should go with, since different companies offer different panels.
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
Solar Veteran
Creative Energies
- Certified B Corp
- Outstanding customer service
- Many years of experience
- Multitude of products and services
- No leases or PPAs
- Slightly expensive
EcoWatch's Cody, WY Solar Cost FAQs
How much does it cost to install solar panels in Cody?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $12,850 for a 5-kW system and $25,700 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Cody?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Cody?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How many solar panels should I get 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 house 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.