Solar Panel Cost Guide in Bourbon, IL (Mar 2023)
- Bourbon Solar Installation Cost: $12,020
- 25-Year Savings: $14,328
- Payback Period: 11.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Bourbon
Here's how much it might cost to switch to solar power in Bourbon.
The national average cost of solar panels is $2.66 per watt, but in Bourbon it's 2.73 per watt. The average solar panel system size in Bourbon is around 6.3 kilowatts, meaning a cost of about $12,020 for a solar installation, or $17,189 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of equipment you want to get, your solar contractor and more. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Bourbon can save about $16,000 on their electricity bills over 20 years.
You can click the button below to get connected with a top solar installer in Bourbon that can help you get a more accurate cost estimate for your home.
Solar savings over time in Bourbon
| Year | Return on Investment |
|---|---|
| 1 years | $-10,966 |
| 3 years | $-8,858 |
| 5 years | $-6,751 |
| 7 years | $-4,643 |
| 9 years | $-2,535 |
| 11 years | $-427 |
| 13 years | $1,681 |
| 15 years | $3,788 |
| 17 years | $5,896 |
| 19 years | $8,004 |
| 21 years | $10,112 |
| 23 years | $12,220 |
| 25 years | $14,328 |
Top Solar Installers in Bourbon
When switching to solar energy, many homeowners prefer to go with a solar installation company since DIY solar panel installation can be a time-consuming project. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be right for your home.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Bourbon
Factors that Affect Solar Panel Costs in Bourbon
There are a number of criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 will be looking at a higher equipment cost, but this can typically lead to greater 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
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Bourbon, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. It's a good idea 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Bourbon, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. 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 | $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
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Solar Panel Brands: Different companies will have different brands and models of panels. If you know you want a specific brand, make sure the solar panel installer 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 (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 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 such as the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Bourbon?
Solar panels aren't free in Bourbon, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase the value of your home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bourbon is currently $125,498, which means you could be looking at a value of about $5,145 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Bourbon is a worthwhile investment.
How long do solar panels last in Bourbon?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.