Solar Panel Cost Guide in Broadwell, IL (2023 Update)
- Broadwell Solar Installation Cost: $12,089
- 25-Year Savings: $11,957
- Payback Period: 12.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Broadwell
Find out what the average cost of installing solar panels is in Broadwell.
In Broadwell, solar panels cost about 2.73 per watt on average. To cover the typical energy usage of the average home in Broadwell, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs about $12,097, or $17,299 before the federal solar tax credit of 30% is applied.
How much you pay can be above or below the average in Broadwell depending on a few factors, such as the type of solar panels you choose and the solar contractor you hire. But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $14,000 over 20 years on electricity bills.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Broadwell
| Year | Return on Investment |
|---|---|
| 1 years | $-12,009 |
| 3 years | $-11,849 |
| 5 years | $-11,689 |
| 7 years | $-11,528 |
| 9 years | $-11,368 |
| 11 years | $-11,208 |
| 13 years | $-11,047 |
| 15 years | $-10,887 |
| 17 years | $-10,727 |
| 19 years | $-10,566 |
| 21 years | $-10,406 |
| 23 years | $-10,246 |
| 25 years | $-10,086 |
Top Solar Installers in Broadwell
Installing solar panels on your own can be a dangerous undertaking, which is why getting a solar installation company is a good option for many homeowners. Local solar companies can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Broadwell
Factors that Affect Solar Panel Costs in Broadwell
There are several criteria that can influence your total 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
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $2,730 per kilowatt in Broadwell. The kind of 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 over time on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Broadwell average.
Solar Financing Terms
Most solar companies in Broadwell offer solar loans, which reduce the initial cost of installing a solar system. Although solar loans make switching to solar energy more accessible for Broadwell 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies in Broadwell, and each can charge varying amounts 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 come with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you want and also fit into 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 | $10,882 | 13.1 years |
| 8 kW | $2.78 | $15,594 | $14,815 | 12.8 years |
| 10 kW | $2.73 | $19,110 | $18,900 | 12.6 years |
| 12 kW | $2.68 | $22,473 | $23,139 | 12.3 years |
| 14 kW | $2.62 | $25,684 | $27,531 | 12.1 years |
| 16 kW | $2.57 | $28,741 | $32,075 | 11.8 years |
| 18 kW | $2.51 | $31,646 | $36,773 | 11.6 years |
| 20 kW | $2.46 | $34,398 | $41,623 | 11.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Different companies offer various brands and kinds of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Broadwell, IL Solar Cost FAQs
What is the average cost of installing solar panels in Broadwell?
The average cost of solar panels in Broadwell is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Broadwell?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is it worth going solar in Broadwell?
Solar panels can be a fruitful investment for a majority of 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 fairly low, solar panels might not be for you.
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 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.