Solar Panel Cost Guide in Sheridan, WY (2024 Update)
- Sheridan Solar Installation Cost: $39,087
- 25-Year Savings: $-11,568
- Payback Period: 13.1 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Sheridan
Find out what the average cost of solar panels are in Sheridan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Sheridan, the typical cost of a solar system is 4 per watt.The average solar panel system size in Sheridan is around 15.6 kilowatts, meaning a cost of about $39,087 for a solar installation, or $55,894 before the 0 federal solar tax credit is applied.
Remember 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 needs, the type of solar system you choose, your solar contractor and more.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Sheridan can save around $18,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Sheridan
Year | Return on Investment |
---|---|
1 years | $-37,987 |
3 years | $-35,785 |
5 years | $-33,584 |
7 years | $-31,382 |
9 years | $-29,180 |
11 years | $-26,979 |
13 years | $-24,777 |
15 years | $-22,576 |
17 years | $-20,374 |
19 years | $-18,172 |
21 years | $-15,971 |
23 years | $-13,769 |
25 years | $-11,568 |
Top Solar Installers in Sheridan
Many homeowners choose to use a solar panel installer since figuring out how to install solar panels on your own can be a labor-intensive endeavor. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance over time.
If you’d like to start using solar energy but still aren’t certain which solar installer to go with, here are our recommendations for providers near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
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
See all of the solar companies in Sheridan
Factors that Affect Solar Panel Costs in Sheridan
For many Sheridan homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Sheridan, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar energy 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, you can expect your total to increase by about $3,580. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can impact the cost. Sheridan’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $12,987 | 13.7 years |
8 kW | $3.65 | $20,449 | $17,717 | 13.4 years |
10 kW | $3.58 | $25,060 | $22,648 | 13.1 years |
12 kW | $3.51 | $29,471 | $27,779 | 12.9 years |
14 kW | $3.44 | $33,681 | $33,111 | 12.6 years |
16 kW | $3.37 | $37,690 | $38,643 | 12.3 years |
18 kW | $3.29 | $41,499 | $44,375 | 12.1 years |
20 kW | $3.22 | $45,108 | $50,308 | 11.8 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Solar Panel Brands: The kind of solar panel you need to install plays a role in which company you should go with, since different companies have different panels.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two 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: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
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
EcoWatch's Sheridan, WY Solar Cost FAQs
What is the average cost of installing solar panels in Sheridan?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Sheridan?
Leasing solar panels can be an attractive choice, as it typically 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of 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?
Even 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 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.