Solar Panel Cost Guide in Carmi, IL (2024 Update)
- Carmi Solar Installation Cost: $16,043
- 25-Year Savings: $14,471
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Carmi
Here’s how much it might cost to switch to solar power in Carmi.
In Carmi, solar panels cost about 4 per watt on average.Using this figure, a typical 6.1-kW system would cost about $16,043 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more.But, once you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $16,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Carmi
| Year | Return on Investment |
|---|---|
| 1 years | $-15,192 |
| 3 years | $-13,491 |
| 5 years | $-11,790 |
| 7 years | $-10,088 |
| 9 years | $-8,387 |
| 11 years | $-6,686 |
| 13 years | $-4,985 |
| 15 years | $-3,283 |
| 17 years | $-1,582 |
| 19 years | $119 |
| 21 years | $1,821 |
| 23 years | $3,522 |
| 25 years | $5,223 |
Top Solar Installers in Carmi
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring a solar panel installer can make your swap to solar power much easier. Plus, if you’d like to maximize your investment in solar power, opting for a solar installer can help with that as well. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Carmi:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Carmi
Factors that Affect Solar Panel Costs in Carmi
Though the average cost of a solar system in Carmi is $16,043, your final cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar energy system you need for your home, 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 $3,760. The type of solar equipment you choose can increase or decrease your cost 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. On the other hand, more efficient panels could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the Carmi average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Carmi homeowners opt to finance their solar panel systems to make going solar more affordable.It’s wise 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 how long it’ll take to pay off the loan.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Carmi, you’ll have many options to choose from, but each comes at different price points for labor and equipment.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $9,287 | 16.0 years |
| 8 kW | $3.84 | $21,477 | $12,804 | 15.7 years |
| 10 kW | $3.76 | $26,320 | $16,532 | 15.4 years |
| 12 kW | $3.68 | $30,952 | $20,470 | 15.0 years |
| 14 kW | $3.61 | $35,374 | $24,618 | 14.7 years |
| 16 kW | $3.53 | $39,585 | $28,977 | 14.4 years |
| 18 kW | $3.46 | $43,586 | $33,547 | 14.1 years |
| 20 kW | $3.38 | $47,376 | $38,327 | 13.8 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project timeline.
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Warranty: If you care about the durability of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Carmi, IL Solar Cost FAQs
How much does it cost to install solar panels in Carmi?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Carmi?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of 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.
Can solar panels significantly reduce my energy bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Carmi, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.