Solar Panel Cost Guide in Bonus, IL (2024 Update)
- Bonus Solar Installation Cost: $17,201
- 25-Year Savings: $11,551
- Payback Period: 17.9 Years
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Average Cost of Solar Panels in Bonus
Here’s how much it might cost to install solar panels in Bonus.
The national average cost of solar panels is $2.66 per watt, but in Bonus it’s 4 per watt.Using this figure, a typical 6.5-kW system would cost about $17,201 before the 0 federal solar tax credit 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 going solar can vary based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with.With average savings of about $14,000 on power bills over 20 years, many homeowners in Bonus find installing solar panels can pay off big.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Bonus
| 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 Bonus
Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be hard. Plus, if you’re unsure what type of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're looking for a solar installer in Bonus, the EcoWatch team has put together a list of our top suggestions here:
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
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 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 your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,760.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Bonus average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.Even though solar loans make going solar more accessible for Bonus homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Bonus, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that provides the products, warranties and services you’re looking for and also is within your budget.
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 | $5,647 | 18.6 years |
| 8 kW | $3.84 | $21,477 | $7,950 | 18.2 years |
| 10 kW | $3.76 | $26,320 | $10,464 | 17.9 years |
| 12 kW | $3.68 | $30,952 | $13,189 | 17.5 years |
| 14 kW | $3.61 | $35,374 | $16,124 | 17.2 years |
| 16 kW | $3.53 | $39,585 | $19,270 | 16.8 years |
| 18 kW | $3.46 | $43,586 | $22,626 | 16.5 years |
| 20 kW | $3.38 | $47,376 | $26,193 | 16.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose greatly impacts your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: If you’re concerned about the longevity of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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
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 Bonus, IL Solar Cost FAQs
What is the average cost of installing solar panels in Bonus?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly 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 other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $735.69 per year.
How long do solar panels last in Bonus?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.