Solar Panel Cost Guide in Bonus, IL (2023 Update)
- Bonus Solar Installation Cost: $12,489
- 25-Year Savings: $11,551
- Payback Period: 13.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Bonus
We break down average solar pricing in Bonus.
The average cost of a solar panel system in Bonus is 2.73 per watt. The average Bonus homeowner needs a 6.5-kilowatt system, which would cost about $12,498 with the federal tax credit, or $17,872 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary depending on several factors, such as what size system you need, your energy usage and what installation company you go with. With typical savings of about $14,000 on energy bills over 20 years, many homeowners in Bonus find installing solar panels can pay off big.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Bonus
| Year | Return on Investment |
|---|---|
| 1 years | $-11,333 |
| 3 years | $-9,021 |
| 5 years | $-6,708 |
| 7 years | $-4,396 |
| 9 years | $-2,084 |
| 11 years | $229 |
| 13 years | $2,541 |
| 15 years | $4,853 |
| 17 years | $7,166 |
| 19 years | $9,478 |
| 21 years | $11,790 |
| 23 years | $14,103 |
| 25 years | $16,415 |
Top Solar Installers in Bonus
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring a solar panel installer can make your switch to solar power much easier. Plus, if you aren't sure 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 start using solar energy but still aren't certain which solar system installer to go with, here are our recommendations for providers nearby:
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 Bonus
Factors that Affect Solar Panel Costs in Bonus
For many Bonus homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Bonus, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar system in Bonus, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can determine by looking at past power bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. The model of solar panels and equipment you get is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond 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
Many homeowners find the average cost of solar in Bonus to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Bonus, you'll have many options to choose from, but each comes at different price points for labor and equipment. The company's size sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater 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 discount can bring their pricing lower to compete with bigger names.
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 | $10,146 | 13.5 years |
| 8 kW | $2.78 | $15,594 | $13,834 | 13.2 years |
| 10 kW | $2.73 | $19,110 | $17,674 | 13.0 years |
| 12 kW | $2.68 | $22,473 | $21,668 | 12.7 years |
| 14 kW | $2.62 | $25,684 | $25,814 | 12.5 years |
| 16 kW | $2.57 | $28,741 | $30,114 | 12.2 years |
| 18 kW | $2.51 | $31,646 | $34,566 | 11.9 years |
| 20 kW | $2.46 | $34,398 | $39,171 | 11.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Different companies carry different brands and types of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Bonus, IL Solar Cost FAQs
How much does it cost to install solar panels in Bonus?
The average cost of solar panels in Bonus is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Bonus?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 it worth going solar in Bonus?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.