Solar Panel Cost Guide in Laramie, WY (Mar 2023)
- Laramie Solar Installation Cost: $26,877
- 25-Year Savings: $58,154
- Payback Period: 7.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Laramie
Find out what the average cost of solar panel installation is in Laramie.
The national average cost of solar panels is $2.66 per watt, but in Laramie it's 2.57 per watt. Using this figure, a typical 14.9-kW system would cost about $26,877 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar system you want to get, your solar contractor and more. But, once you've paid the upfront cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $22,000 over 20 years on energy bills.
To get a free estimate from a pre-vetted solar company in Laramie, you can click the button below.
Solar savings over time in Laramie
| Year | Return on Investment |
|---|---|
| 1 years | $-23,476 |
| 3 years | $-16,673 |
| 5 years | $-9,871 |
| 7 years | $-3,068 |
| 9 years | $3,734 |
| 11 years | $10,537 |
| 13 years | $17,339 |
| 15 years | $24,142 |
| 17 years | $30,944 |
| 19 years | $37,747 |
| 21 years | $44,549 |
| 23 years | $51,352 |
| 25 years | $58,154 |
Top Solar Installers in Laramie
Many homeowners choose to use a solar panel company since trying to put up solar panels yourself can be challenging. Companies can also have access to a large variety of the best solar panels and help you decide which one will be best for your family.
If you're on the hunt for a solar company in Laramie, we've organized a list of our top suggestions here:
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 Laramie
Factors that Affect Solar Panel Costs in Laramie
The cost of installing a solar system in Laramie can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,570. There are many different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Laramie homeowners choose to finance their solar panel systems to offset upfront costs. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Laramie, you'll have many options to choose from, but each comes at different price points for labor and equipment. The company's size can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger 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 | $22,917 | 8.2 years |
| 8 kW | $2.62 | $14,680 | $30,844 | 8.1 years |
| 10 kW | $2.57 | $17,990 | $38,915 | 7.9 years |
| 12 kW | $2.52 | $21,156 | $47,130 | 7.7 years |
| 14 kW | $2.47 | $24,179 | $55,488 | 7.6 years |
| 16 kW | $2.42 | $27,057 | $63,991 | 7.4 years |
| 18 kW | $2.36 | $29,791 | $72,637 | 7.3 years |
| 20 kW | $2.31 | $32,382 | $81,428 | 7.1 years |
How to Save on Solar Panels
The solar panel company you opt for 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 a few important things you should consider, including:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
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 Laramie, WY Solar Cost FAQs
What is the average cost of installing solar panels in Laramie?
The average cost of solar panels in Laramie is about $12,850 for a 5-kW system and $25,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Laramie?
Leasing solar panels can be an appealing choice, because 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,138.10 per year.
How long do solar panels last in Laramie?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.