Solar Panel Cost Guide in Chatham, IL (2023 Update)
- Chatham Solar Installation Cost: $11,952
- 25-Year Savings: $12,950
- Payback Period: 12.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Chatham
We go over average solar pricing in Chatham.
The average cost of a solar panel system in Chatham is 2.73 per watt. Using this figure, a typical 6.2-kW system would cost about $11,944 before the 30% federal solar tax credit is applied.
The true price you pay can go higher or lower than the average in Chatham depending on a few factors, such as the brand of solar panels you choose and the solar company you hire. But, after you've paid the upfront cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $15,000 over 20 years on power bills.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Chatham
| Year | Return on Investment |
|---|---|
| 1 years | $-11,869 |
| 3 years | $-11,703 |
| 5 years | $-11,537 |
| 7 years | $-11,371 |
| 9 years | $-11,205 |
| 11 years | $-11,039 |
| 13 years | $-10,873 |
| 15 years | $-10,707 |
| 17 years | $-10,540 |
| 19 years | $-10,374 |
| 21 years | $-10,208 |
| 23 years | $-10,042 |
| 25 years | $-9,876 |
Top Solar Installers in Chatham
Although you can install solar panels yourself, it takes extra energy and know-how. That's why the majority of homeowners choose a solar panel installer. Local solar installers can also help you maximize your return on investment by assisting with any local incentives and by providing warranties and repairs.
If you're searching for a solar installer in Chatham, we've compiled 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
See all of the solar companies in Chatham
Factors that Affect Solar Panel Costs in Chatham
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Chatham: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your household, 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 panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Chatham, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of 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
Most solar companies in Chatham have solar loans, which reduce your upfront costs of installing solar. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Chatham, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $11,965 | 12.5 years |
| 8 kW | $2.78 | $15,594 | $16,260 | 12.2 years |
| 10 kW | $2.73 | $19,110 | $20,707 | 12.0 years |
| 12 kW | $2.68 | $22,473 | $25,307 | 11.8 years |
| 14 kW | $2.62 | $25,684 | $30,060 | 11.5 years |
| 16 kW | $2.57 | $28,741 | $34,965 | 11.3 years |
| 18 kW | $2.51 | $31,646 | $40,024 | 11.0 years |
| 20 kW | $2.46 | $34,398 | $45,235 | 10.8 years |
How to Save on Solar Panels
Since the model 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:
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two 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 good reviews from past customers.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for a long time 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 Chatham, IL Solar Cost FAQs
How much does it cost to install solar panels in Chatham?
The average cost of solar panels in Chatham 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 like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Chatham?
Solar panels aren't free in Chatham, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Does Chatham have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.