Solar Panel Cost Guide in Chatham, IL (Feb 2023)
- Chatham Solar Installation Cost: $11,944
- 25-Year Savings: $12,958
- Payback Period: 12.0 Years
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Top Solar Installers in Chatham
Although you can install solar panels on your own, it requires extra effort and knowledge. That's one of the reasons most people choose a solar panel installer. Another benefit of utilizing a solar installer is that they can help you make the most of your return of investment by reducing your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
See all of the solar companies in Chatham
Factors that Affect Solar Panel Costs in Chatham
There are many factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $2,730 per kilowatt in Chatham. There are several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you're looking to install 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
Many homeowners find the average cost of solar in Chatham to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Chatham, you'll have a great number of 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 pricing, or you might see small, local installation companies offering deals or promotions 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||$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
There are many companies to choose from in Chatham, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: The model of solar panel you want plays a role in which company you should opt for, since different companies have access to different panels.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
EcoWatch's Chatham, IL Solar Cost FAQs
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.