Solar Panel Cost Guide in Carmi, IL (2023 Update)
- Carmi Solar Installation Cost: $11,657
- 25-Year Savings: $14,463
- Payback Period: 11.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Carmi
We go over average solar pricing in Carmi.
The average cost of a solar panel system in Carmi is 2.73 per watt. The average Carmi homeowner needs a 6.1-kilowatt system, which would cost about $11,657 with the federal tax credit, or $16,670 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Carmi homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $16,000 over 20 years on power bills.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Carmi
| Year | Return on Investment |
|---|---|
| 1 years | $-10,612 |
| 3 years | $-8,523 |
| 5 years | $-6,433 |
| 7 years | $-4,344 |
| 9 years | $-2,254 |
| 11 years | $-164 |
| 13 years | $1,925 |
| 15 years | $4,015 |
| 17 years | $6,104 |
| 19 years | $8,194 |
| 21 years | $10,283 |
| 23 years | $12,373 |
| 25 years | $14,463 |
Top Solar Installers in Carmi
Many homeowners choose to use a solar panel installer since figuring out how to install solar panels on your own can be hard. Plus, if you're unsure what brand of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
If you're on the hunt for a solar installer in Carmi, the EcoWatch team has 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 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 Carmi
Factors that Affect Solar Panel Costs in Carmi
The cost of installing a solar system in Carmi can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. There are a lot of different solar panel brands and the one you choose also changes the cost. Typically, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Carmi provide solar loans, which reduce your upfront costs of installing a solar system. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you select will play a role in your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $13,786 | 11.6 years |
| 8 kW | $2.78 | $15,594 | $18,688 | 11.4 years |
| 10 kW | $2.73 | $19,110 | $23,742 | 11.1 years |
| 12 kW | $2.68 | $22,473 | $28,949 | 10.9 years |
| 14 kW | $2.62 | $25,684 | $34,308 | 10.7 years |
| 16 kW | $2.57 | $28,741 | $39,821 | 10.5 years |
| 18 kW | $2.51 | $31,646 | $45,487 | 10.3 years |
| 20 kW | $2.46 | $34,398 | $51,305 | 10.0 years |
How to Save on Solar Panels
The company that does your system 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:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
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 Carmi, IL Solar Cost FAQs
How much does it cost to install solar panels in Carmi?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Carmi?
Solar panels aren't free in Carmi, 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.
How will solar panels impact the value of my home?
Solar panels can increase your home value remarkably 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 a solar system."
How long do solar panels last in Carmi?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production 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.