Solar Panel Cost Guide in Bonus, IL (Mar 2023)
- Bonus Solar Installation Cost: $12,498
- 25-Year Savings: $11,543
- Payback Period: 13.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Bonus
Let's take a look at the average cost of solar in Bonus.
The average cost of solar panels in Bonus is 2.73 per watt. The average solar panel system size in Bonus is around 6.5 kilowatts, meaning a cost of about $12,498 for a solar installation, or $17,872 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you will vary based on your specific situation and what company you choose to go with. With average savings of about $14,000 on utility bills over 20 years, many homeowners in Bonus find going solar has a decent ROI.
You can click the button below to get connected with a top solar company in Bonus that can help you get a more accurate cost estimate for your home.
Solar savings over time in Bonus
| Year | Return on Investment |
|---|---|
| 1 years | $-11,536 |
| 3 years | $-9,613 |
| 5 years | $-7,690 |
| 7 years | $-5,767 |
| 9 years | $-3,843 |
| 11 years | $-1,920 |
| 13 years | $3 |
| 15 years | $1,927 |
| 17 years | $3,850 |
| 19 years | $5,773 |
| 21 years | $7,696 |
| 23 years | $9,620 |
| 25 years | $11,543 |
Top Solar Installers in Bonus
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels on your own can be time-consuming. A solar company can also help save you money over time by providing warranties, repairs and part replacements.
If you're on the hunt for a solar installer in Bonus, we've put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Bonus
Factors that Affect Solar Panel Costs in Bonus
The cost of installing a solar system in Bonus can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,730. The brand of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about 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 into a solar system that's in your budget.
Solar Financing Terms
Most solar companies in Bonus offer solar loans, which reduce the initial cost of installing solar panels. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Bonus is the company you hire to install your solar system. As with choosing a company to install new cabinets, for instance, you'll have many options for solar installers that offer a range of services at different price points. The company's size sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger 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 | $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
The solar panel company you opt for will affect 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 some important things you should consider, such as:
- Contract: Before signing a contract with a solar company, be sure to read it through 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.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Bonus, IL Solar Cost FAQs
What is the average cost of installing solar panels in Bonus?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Are solar panels free in Bonus?
You can't get solar panels for free in Bonus. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Is going solar worth it?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out how many solar panels 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 typically produce about 250 to 400 watt-hours per hour, the average household 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.