Solar Panel Cost Guide in Riverton, WY (2023 Update)
- Riverton Solar Installation Cost: $26,283
- 25-Year Savings: $49,989
- Payback Period: 8.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Riverton
Find out how much it might cost to go solar in Riverton.
The average cost of a solar system in Riverton is 2.57 per watt. The average Riverton homeowner needs a 14.6-kilowatt system, which would cost about $26,283 with the federal tax credit, or $37,585 before the 30% tax credit is applied.
These figures are only averages, and your own solar costs will look different based on your specific situation and what company you want to go with. Despite the large upfront cost, the average Riverton homeowner can save about $20,000 on their power bills over 20 years, which is one of the benefits of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Riverton
| Year | Return on Investment |
|---|---|
| 1 years | $-23,233 |
| 3 years | $-17,131 |
| 5 years | $-11,029 |
| 7 years | $-4,927 |
| 9 years | $1,175 |
| 11 years | $7,276 |
| 13 years | $13,378 |
| 15 years | $19,480 |
| 17 years | $25,582 |
| 19 years | $31,683 |
| 21 years | $37,785 |
| 23 years | $43,887 |
| 25 years | $49,989 |
Top Solar Installers in Riverton
Trying to put up solar panels by yourself can be a difficult undertaking, which is why using a solar installer is a good option for many homeowners. Plus, if you're unsure what kind of solar panels and equipment you may need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you'd like to make the switch to solar but still aren't certain which solar system installer to go with, here are our suggestions for providers nearby:
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 Riverton
Factors that Affect Solar Panel Costs in Riverton
Though the average cost of a solar system in Riverton is $26,283, your actual cost may be above or below the average. 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 consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,570. The kind of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to decide on 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 falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Riverton, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your total costs, so it's important 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
Finally, the company you get to install your solar panels can affect how much you pay. Riverton's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Riverton are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $20,099 | 9.0 years |
| 8 kW | $2.62 | $14,680 | $27,087 | 8.8 years |
| 10 kW | $2.57 | $17,990 | $34,218 | 8.6 years |
| 12 kW | $2.52 | $21,156 | $41,493 | 8.4 years |
| 14 kW | $2.47 | $24,179 | $48,913 | 8.3 years |
| 16 kW | $2.42 | $27,057 | $56,476 | 8.1 years |
| 18 kW | $2.36 | $29,791 | $64,183 | 7.9 years |
| 20 kW | $2.31 | $32,382 | $72,034 | 7.8 years |
How to Save on Solar Panels
The solar company you opt for will affect 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 consider, including:
- Contract: Before signing a contract with a solar company, make sure you look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Different companies have various brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated 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 past customers.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Riverton, WY Solar Cost FAQs
How much does it cost to install solar panels in Riverton?
The average cost of solar panels in Riverton 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 type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Riverton?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using 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.