Solar Panel Cost Guide in Bourbon, IL (2023 Update)
- Bourbon Solar Installation Cost: $12,015
- 25-Year Savings: $14,333
- Payback Period: 11.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Bourbon
We break down average solar pricing in Bourbon.
While the national average of solar panels is $2.66 per watt, solar panels in Bourbon generally cost about 2.73. Using this figure, a typical 6.3-kW system would cost about $12,020 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary depending on multiple factors, such as what size system you need, your energy usage and what company you go with. Even with the large upfront cost, the average Bourbon homeowner can save about $16,000 on their power bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a highly rated solar company in Bourbon for a custom quote.
Solar savings over time in Bourbon
| Year | Return on Investment |
|---|---|
| 1 years | $-11,164 |
| 3 years | $-9,463 |
| 5 years | $-7,761 |
| 7 years | $-6,060 |
| 9 years | $-4,359 |
| 11 years | $-2,657 |
| 13 years | $-956 |
| 15 years | $745 |
| 17 years | $2,446 |
| 19 years | $4,148 |
| 21 years | $5,849 |
| 23 years | $7,550 |
| 25 years | $9,252 |
Top Solar Installers in Bourbon
Although it's possible to install solar panels yourself, it takes extra time and knowledge. That's why the majority of homeowners choose to hire a solar panel installer. Companies can also have access to a large variety of the best solar panels and help you choose which one will be right for your family.
If you'd like to switch to solar energy but still aren't certain which solar panel 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 Bourbon
Factors that Affect Solar Panel Costs in Bourbon
There are many factors that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Bourbon, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket 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 a term of, on average, between five and seven years. However, the interest on solar loans also adds to your overall costs, so it's vital to keep that in mind as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Bourbon, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Bourbon are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $13,220 | 11.9 years |
| 8 kW | $2.78 | $15,594 | $17,932 | 11.6 years |
| 10 kW | $2.73 | $19,110 | $22,798 | 11.4 years |
| 12 kW | $2.68 | $22,473 | $27,816 | 11.2 years |
| 14 kW | $2.62 | $25,684 | $32,987 | 10.9 years |
| 16 kW | $2.57 | $28,741 | $38,311 | 10.7 years |
| 18 kW | $2.51 | $31,646 | $43,788 | 10.5 years |
| 20 kW | $2.46 | $34,398 | $49,417 | 10.3 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- 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 most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Contract: Before signing a contract with a solar company, make 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 what services you can expect from them.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Bourbon, IL Solar Cost FAQs
What is the average cost of installing solar panels in Bourbon?
The average cost of solar panels in Bourbon 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 things like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Bourbon?
Leasing solar panels can be an option if you are unable to 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 property 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 savings from going solar.
Does Bourbon have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future energy bills.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a 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 cover 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.