Solar Panel Cost Guide in Canteen, IL (2024 Update)
- Canteen Solar Installation Cost: $16,000
- 25-Year Savings: $9,226
- Payback Period: 19.2 Years
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Average Cost of Solar Panels in Canteen
We break down average solar pricing in Canteen.
In Canteen, solar panels cost about 4 per watt on average.Using this figure, a typical 6.1-kW system would cost about $16,000 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of solar system you want to get, your solar contractor and more.With average savings of about $13,000 on power bills over 20 years, many homeowners in Canteen find going solar has a decent ROI.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Canteen
| Year | Return on Investment |
|---|---|
| 1 years | $-15,149 |
| 3 years | $-13,448 |
| 5 years | $-11,746 |
| 7 years | $-10,045 |
| 9 years | $-8,344 |
| 11 years | $-6,643 |
| 13 years | $-4,941 |
| 15 years | $-3,240 |
| 17 years | $-1,539 |
| 19 years | $163 |
| 21 years | $1,864 |
| 23 years | $3,565 |
| 25 years | $5,267 |
Top Solar Installers in Canteen
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Using a solar company can make switching to solar power much easier. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy needs, but going with a solar installer can shorten that period. Your provider will be able to help you identify incentives available in your area.
If you're searching for a solar installer in Canteen, we've organized a list of our top suggestions here:
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 Canteen
Factors that Affect Solar Panel Costs in Canteen
For many Canteen homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Canteen, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,760. The kind of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular choice because they cut back your upfront costs and let you pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can impact the cost. Canteen’s solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger 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 | $4,148 | 20.0 years |
| 8 kW | $3.84 | $21,477 | $5,952 | 19.6 years |
| 10 kW | $3.76 | $26,320 | $7,967 | 19.2 years |
| 12 kW | $3.68 | $30,952 | $10,192 | 18.8 years |
| 14 kW | $3.61 | $35,374 | $12,628 | 18.4 years |
| 16 kW | $3.53 | $39,585 | $15,274 | 18.0 years |
| 18 kW | $3.46 | $43,586 | $18,130 | 17.7 years |
| 20 kW | $3.38 | $47,376 | $21,198 | 17.3 years |
How to Save on Solar Panels
The solar company you go with will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a good company.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
- Contract: Before signing a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 Canteen, IL Solar Cost FAQs
What is the average cost of installing solar panels in Canteen?
The average cost of solar panels in Canteen is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind 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 Canteen?
Leasing solar panels can be an attractive choice, because it often 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 way to go if you want to get the most savings.
Do solar panels increase the value of your home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Canteen?
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 replace them once you've had them for that long or you can continue to use 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.