Solar Panel Cost Guide in Camargo, IL (2023 Update)
- Camargo Solar Installation Cost: $12,020
- 25-Year Savings: $14,013
- Payback Period: 11.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Camargo
Find out what the average cost of installing solar panels is in Camargo.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Camargo, the average cost of solar panels is 2.73 per watt. Using this figure, a typical 6.3-kW system would cost about $12,020 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar system you want, your solar contractor and more. Despite the large upfront cost, the average Camargo homeowner can save about $16,000 on their electricity bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Camargo
| Year | Return on Investment |
|---|---|
| 1 years | $-10,979 |
| 3 years | $-8,896 |
| 5 years | $-6,814 |
| 7 years | $-4,731 |
| 9 years | $-2,648 |
| 11 years | $-566 |
| 13 years | $1,517 |
| 15 years | $3,599 |
| 17 years | $5,682 |
| 19 years | $7,765 |
| 21 years | $9,847 |
| 23 years | $11,930 |
| 25 years | $14,013 |
Top Solar Installers in Camargo
Although it's possible to install solar panels by yourself, it takes extra effort and handiness. That's why most homeowners choose a solar panel installer. Some solar installers, especially local ones, can help you take advantage of incentives in Camargo, therefore optimizing your ROI.
If you'd like to switch to solar energy but still aren't sure which solar panel installer to go with, here are our recommendations for providers in Camargo:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Camargo
Factors that Affect Solar Panel Costs in Camargo
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in Camargo: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,730. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Camargo, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Camargo, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. Although solar loans make switching to solar energy more accessible for Camargo homeowners, they can also raise the total you pay for your system, depending on your interest rate. 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
The remaining significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Camargo, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Camargo know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $12,919 | 12.0 years |
| 8 kW | $2.78 | $15,594 | $17,532 | 11.8 years |
| 10 kW | $2.73 | $19,110 | $22,297 | 11.5 years |
| 12 kW | $2.68 | $22,473 | $27,215 | 11.3 years |
| 14 kW | $2.62 | $25,684 | $32,286 | 11.1 years |
| 16 kW | $2.57 | $28,741 | $37,509 | 10.8 years |
| 18 kW | $2.51 | $31,646 | $42,886 | 10.6 years |
| 20 kW | $2.46 | $34,398 | $48,416 | 10.4 years |
How to Save on Solar Panels
Since the type 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:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- 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 plays a role in which solar panel brands you have access to.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Camargo, IL Solar Cost FAQs
What is the average cost of installing solar panels in Camargo?
The average cost of solar panels in Camargo 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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about 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.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having 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.