Solar Panel Cost Guide in Laramie, WY (2024 Update)
- Laramie Solar Installation Cost: $37,446
- 25-Year Savings: $58,150
- Payback Period: 11.0 Years
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Average Cost of Solar Panels in Laramie
Let’s have a look at the average cost of solar in Laramie.
The national average cost of solar panels is $2.66 per watt, but in Laramie it’s 4 per watt.Using this figure, a typical 14.9-kW system would cost about $37,446 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Laramie homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find installing solar panels is a solid investment. The average homeowner in Laramie can save around $22,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Laramie that can help you get a more accurate cost estimate for your home.
Solar savings over time in Laramie
| Year | Return on Investment |
|---|---|
| 1 years | $-36,102 |
| 3 years | $-33,414 |
| 5 years | $-30,726 |
| 7 years | $-28,038 |
| 9 years | $-25,350 |
| 11 years | $-22,662 |
| 13 years | $-19,974 |
| 15 years | $-17,286 |
| 17 years | $-14,598 |
| 19 years | $-11,910 |
| 21 years | $-9,222 |
| 23 years | $-6,534 |
| 25 years | $-3,846 |
Top Solar Installers in Laramie
Although it's possible to install solar panels on your own, it takes extra effort and knowledge. That's one of the reasons almost all homeowners choose to hire a solar panel installer. The expertise that solar companies offer can be useful as well, particularly if you don’t quite know what kind of solar equipment you need.
If you're searching for a solar installer in Laramie, we've put together a list of our top suggestions here:
Outstanding Local Installer
ES Solar
- Representatives are experts on local policies
- Lifetime workmanship warranty
- Outstanding customer service
- No leases or PPAs
- Energy audits only available 12 months after installation
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Laramie
Factors that Affect Solar Panel Costs in Laramie
Although the average cost of a solar system in Laramie is $37,446, your final cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar energy system you need for your household, 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 about $3,580. The model of solar panels and equipment you get is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment is more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Laramie homeowners choose to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also adds to your overall costs, so it’s vital to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Laramie is the company you choose to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that provide a range of services for different budgets.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.72 | $15,637 | $18,505 | 11.4 years |
| 8 kW | $3.65 | $20,449 | $25,075 | 11.2 years |
| 10 kW | $3.58 | $25,060 | $31,845 | 11.0 years |
| 12 kW | $3.51 | $29,471 | $38,815 | 10.8 years |
| 14 kW | $3.44 | $33,681 | $45,986 | 10.6 years |
| 16 kW | $3.37 | $37,690 | $53,357 | 10.3 years |
| 18 kW | $3.29 | $41,499 | $60,929 | 10.1 years |
| 20 kW | $3.22 | $45,108 | $68,702 | 9.9 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Warranty: If you care about the durability of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Installation Process: When making the switch to solar energy, it’s essential to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the project completion timeline.
Outstanding Local Installer
ES Solar
- Representatives are experts on local policies
- Lifetime workmanship warranty
- Outstanding customer service
- No leases or PPAs
- Energy audits only available 12 months after installation
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Laramie, WY Solar Cost FAQs
What is the average cost of installing solar panels in Laramie?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Laramie?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The drawback 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How will installing solar panels impact the value of my home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t opt for 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 often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.