Solar Panel Cost Guide in Arcola, IL (2023 Update)
- Arcola Solar Installation Cost: $12,015
- 25-Year Savings: $15,152
- Payback Period: 11.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Arcola
Let's take a look at the average cost of solar panels in Arcola.
Although the national average of solar panels is $2.66 per watt, solar panels in Arcola typically cost around 2.73. The average Arcola homeowner needs a 6.3-kilowatt system, which would cost about $12,020 with the federal tax credit, or $17,189 before the 30% tax credit is applied.
These figures are only averages, and your own solar costs will most likely look different based on the amount of energy your home requires and what company you go with. But, after you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $16,000 over 20 years on utility bills.
To get a free estimate from a pre-vetted solar installer in Arcola, you can click the button below.
Solar savings over time in Arcola
| Year | Return on Investment |
|---|---|
| 1 years | $-11,164 |
| 3 years | $-9,463 |
| 5 years | $-7,761 |
| 7 years | $-6,060 |
| 9 years | $-4,359 |
| 11 years | $-2,657 |
| 13 years | $-956 |
| 15 years | $745 |
| 17 years | $2,446 |
| 19 years | $4,148 |
| 21 years | $5,849 |
| 23 years | $7,550 |
| 25 years | $9,252 |
Top Solar Installers in Arcola
Many homeowners choose to use a solar installation company since trying to install solar panels by yourself can be a labor-intensive endeavor. A solar installer can also help save you money over time by providing warranties, repairs and part replacements.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Arcola
Factors that Affect Solar Panel Costs in Arcola
For many Arcola homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Arcola, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Arcola, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can play a part in determining your pricing. Arcola's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, 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 | $2.84 | $11,925 | $14,001 | 11.5 years |
| 8 kW | $2.78 | $15,594 | $18,974 | 11.3 years |
| 10 kW | $2.73 | $19,110 | $24,100 | 11.1 years |
| 12 kW | $2.68 | $22,473 | $29,378 | 10.8 years |
| 14 kW | $2.62 | $25,684 | $34,810 | 10.6 years |
| 16 kW | $2.57 | $28,741 | $40,394 | 10.4 years |
| 18 kW | $2.51 | $31,646 | $46,131 | 10.2 years |
| 20 kW | $2.46 | $34,398 | $52,021 | 10.0 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the project completion timeline.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Arcola, IL Solar Cost FAQs
How much does it cost to install solar panels in Arcola?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 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 above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Arcola?
Leasing solar panels can be an attractive choice, as it usually 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 way to go if you want to maximize your savings.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $864.19 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.