Solar Panel Cost Guide in Bourbon, IL (2024 Update)
- Bourbon Solar Installation Cost: $16,547
- 25-Year Savings: $14,333
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in Bourbon
Let’s have a look at the average cost of solar in Bourbon.
The national average cost of solar panels is $2.66 per watt, but in Bourbon it’s 4 per watt.Because a 6.3-kW system is needed to cover the energy costs of a typical home in Bourbon, the average price of going solar will be about $16,547 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary based on several factors, such as what size system you need, your energy usage and what company you go with.Many homeowners find going solar is a sound investment. The average homeowner in Bourbon can save around $16,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Bourbon for a quote for your home.
Solar savings over time in Bourbon
| Year | Return on Investment |
|---|---|
| 1 years | $-15,697 |
| 3 years | $-13,996 |
| 5 years | $-12,294 |
| 7 years | $-10,593 |
| 9 years | $-8,892 |
| 11 years | $-7,190 |
| 13 years | $-5,489 |
| 15 years | $-3,788 |
| 17 years | $-2,087 |
| 19 years | $-385 |
| 21 years | $1,316 |
| 23 years | $3,017 |
| 25 years | $4,719 |
Top Solar Installers in Bourbon
When going solar, many homeowners choose to use a solar company since installing solar panels yourself can be a time-consuming project. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy consumption, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
If you’d like to make the switch to solar but still aren’t certain which solar panel company to go with, here are our suggestions for providers nearby:
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 Bourbon
Factors that Affect Solar Panel Costs in Bourbon
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that determine your overall cost in Bourbon: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production require 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.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Bourbon, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Bourbon homeowners choose to finance their solar panel systems to make paying for solar more affordable.Though solar loans make adopting solar energy more accessible for Bourbon homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Bourbon is the company you hire to install your PV system. As with choosing a company to install new cabinets, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better 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 promotion can bring their pricing down 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 | $3.91 | $16,424 | $8,721 | 16.3 years |
| 8 kW | $3.84 | $21,477 | $12,049 | 16.0 years |
| 10 kW | $3.76 | $26,320 | $15,588 | 15.7 years |
| 12 kW | $3.68 | $30,952 | $19,337 | 15.4 years |
| 14 kW | $3.61 | $35,374 | $23,297 | 15.1 years |
| 16 kW | $3.53 | $39,585 | $27,467 | 14.8 years |
| 18 kW | $3.46 | $43,586 | $31,848 | 14.4 years |
| 20 kW | $3.38 | $47,376 | $36,439 | 14.1 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar 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.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
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 Bourbon, IL Solar Cost FAQs
What is the average cost of installing solar panels in Bourbon?
This is a difficult question to answer precisely, because the cost depends on a few different 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. It will cost more if you want other 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 want a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is a crucial 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 be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $838.15 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 higher amount 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.