Solar Panel Cost Guide in Champaign, IL (2023 Update)
- Champaign Solar Installation Cost: $12,063
- 25-Year Savings: $10,102
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Champaign
Here's how much it might cost to switch to solar power in Champaign.
The national average cost of solar panels is $2.66 per watt, but in Champaign it's 2.73 per watt. The average Champaign homeowner needs a 6.3-kilowatt system, which would cost about $12,058 with the federal tax credit, or $17,243 before the 30% tax credit is applied.
These figures are just averages, and the cost of going solar for you will most likely look different based on your specific situation and what company you choose to go with. Many homeowners find installing solar panels is a solid investment. The average homeowner in Champaign can save around $13,000 on their power bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Champaign
| Year | Return on Investment |
|---|---|
| 1 years | $-11,212 |
| 3 years | $-9,511 |
| 5 years | $-7,810 |
| 7 years | $-6,108 |
| 9 years | $-4,407 |
| 11 years | $-2,706 |
| 13 years | $-1,004 |
| 15 years | $697 |
| 17 years | $2,398 |
| 19 years | $4,099 |
| 21 years | $5,801 |
| 23 years | $7,502 |
| 25 years | $9,203 |
Top Solar Installers in Champaign
Many homeowners decide to use a solar panel company since trying to install solar panels yourself can be a labor-intensive endeavor. A solar installer can also help save you money over time by providing warranties, repairs and part replacements.
There are a number of 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 Champaign
Factors that Affect Solar Panel Costs in Champaign
There are a number of criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the price of a solar energy system in Champaign, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Champaign homeowners choose to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of financing options, including the total 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 original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can affect your pricing. Champaign's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Champaign have more knowledge about local solar incentives and can help you make good use 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 | $9,143 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,497 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $16,003 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,662 | 13.3 years |
| 14 kW | $2.62 | $25,684 | $23,474 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,439 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,557 | 12.5 years |
| 20 kW | $2.46 | $34,398 | $35,828 | 12.2 years |
How to Save on Solar Panels
There are a large number of companies available in Champaign, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Make sure you're on the same page with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Contract: Before you sign 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 if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Champaign, IL Solar Cost FAQs
What is the average cost of installing solar panels in Champaign?
This is a hard question to answer exactly, because the cost depends on many 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Champaign?
A solar panel system isn't free in Champaign, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Champaign?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
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 choose 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.