Solar Panel Cost Guide in Cherry Valley, IL (Mar 2023)
- Cherry Valley Solar Installation Cost: $12,460
- 25-Year Savings: $10,152
- Payback Period: 13.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Cherry Valley
We break down average solar pricing in Cherry Valley.
While the national average of solar panels is $2.66 per watt, solar panels in Cherry Valley typically cost about 2.73. Using this figure, a typical 6.5-kW system would cost about $12,460 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what solar installer you go with. But, once you've paid the initial cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $13,000 over 20 years on utility bills.
To receive a free quote from a pre-vetted solar company in Cherry Valley, you can click the button below.
Solar savings over time in Cherry Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-11,555 |
| 3 years | $-9,746 |
| 5 years | $-7,937 |
| 7 years | $-6,128 |
| 9 years | $-4,319 |
| 11 years | $-2,511 |
| 13 years | $-702 |
| 15 years | $1,107 |
| 17 years | $2,916 |
| 19 years | $4,725 |
| 21 years | $6,534 |
| 23 years | $8,343 |
| 25 years | $10,152 |
Top Solar Installers in Cherry Valley
Installing solar panels by yourself can be a time-consuming task, which is why hiring a solar installer is a good option for many homeowners. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be best for you.
If you're looking for a solar installer in Cherry Valley, 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 (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Cherry Valley
Factors that Affect Solar Panel Costs in Cherry Valley
There are many factors that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most important 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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $2,730 per kilowatt in Cherry Valley. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. 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 APR could reduce your costs remarkably.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Cherry Valley, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting 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 car 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 | $8,876 | 14.3 years |
| 8 kW | $2.78 | $15,594 | $12,140 | 14.1 years |
| 10 kW | $2.73 | $19,110 | $15,558 | 13.8 years |
| 12 kW | $2.68 | $22,473 | $19,128 | 13.5 years |
| 14 kW | $2.62 | $25,684 | $22,851 | 13.2 years |
| 16 kW | $2.57 | $28,741 | $26,727 | 13.0 years |
| 18 kW | $2.51 | $31,646 | $30,756 | 12.7 years |
| 20 kW | $2.46 | $34,398 | $34,938 | 12.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Read the contract terms closely to make sure you understand the total cost, project completion timeline rebates and warranties.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Installation Process: When making the switch to solar energy, it's necessary to keep an open line of communication with your solar installer. See to it that you understand how the installation process will go and the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Cherry Valley, IL Solar Cost FAQs
How much does it cost to install solar panels in Cherry Valley?
The average cost of solar panels in Cherry Valley is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider apart from cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase your property value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Cherry Valley?
On average, solar panels can last 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 larger amount 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.