Solar Panel Cost Guide in Belvidere, IL (2024 Update)
- Belvidere Solar Installation Cost: $17,201
- 25-Year Savings: $11,373
- Payback Period: 18.0 Years
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Average Cost of Solar Panels in Belvidere
See how much it might cost to make the switch to solar in Belvidere.
In Belvidere, solar panels cost about 4 per watt on average.To cover the typical energy usage of the average home in Belvidere, most homeowners require a 6.5-kilowatt system. Using the figure above, a solar installation costs about $17,201, or $24,597 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what solar installer you go with.But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
Click the button below to get connected to a reputable solar panel company in your area for a personalized estimate.
Solar savings over time in Belvidere
| Year | Return on Investment |
|---|---|
| 1 years | $-16,045 |
| 3 years | $-13,733 |
| 5 years | $-11,421 |
| 7 years | $-9,108 |
| 9 years | $-6,796 |
| 11 years | $-4,484 |
| 13 years | $-2,171 |
| 15 years | $141 |
| 17 years | $2,454 |
| 19 years | $4,766 |
| 21 years | $7,078 |
| 23 years | $9,391 |
| 25 years | $11,703 |
Top Solar Installers in Belvidere
Trying to install solar panels on your own can be a challenging project, which is why getting a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over the lifespan of your panels.
Working with a vetted solar installer can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Belvidere
Factors that Affect Solar Panel Costs in Belvidere
For many Belvidere homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Belvidere, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $3,760 per kilowatt in Belvidere.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Belvidere to be too steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time because of interest.Though solar loans make going solar more accessible for Belvidere homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Belvidere, you’ll have many options to choose from, but each comes at different price points for labor and equipment.You may see national solar installers that have lower prices due to their larger brand name and access to bulk 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 | $3.91 | $16,424 | $5,483 | 18.7 years |
| 8 kW | $3.84 | $21,477 | $7,732 | 18.4 years |
| 10 kW | $3.76 | $26,320 | $10,191 | 18.0 years |
| 12 kW | $3.68 | $30,952 | $12,861 | 17.7 years |
| 14 kW | $3.61 | $35,374 | $15,741 | 17.3 years |
| 16 kW | $3.53 | $39,585 | $18,833 | 16.9 years |
| 18 kW | $3.46 | $43,586 | $22,134 | 16.6 years |
| 20 kW | $3.38 | $47,376 | $25,646 | 16.2 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
- Solar Panel Brands: The type of solar panel you need plays a part in which installer you should go with, since different companies have access to different panels.
- Warranty: If you care about the endurance of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Belvidere, IL Solar Cost FAQs
How much does it cost to install solar panels in Belvidere?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase your home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Belvidere is currently $213,248, so you can look forward to a value of about $8,743 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Belvidere is a worthwhile investment.
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 the average daily 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 get 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.