Solar Panel Cost Guide in Coal City, IL (2023 Update)
- Coal City Solar Installation Cost: $12,319
- 25-Year Savings: $10,292
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Coal City
Let's take a look at the average cost of solar in Coal City.
The national average cost of solar panels is $2.66 per watt, but in Coal City it's 2.73 per watt. Since a 6.5-kW system is needed to cover the energy needs of a typical home in Coal City, the average price of going solar will be about $12,326 after claiming the federal solar tax credit of 30%.
These figures are just estimates, and your own solar costs may look different based on factors unique to your home and what company you go with. Many homeowners find installing a solar system is a solid investment. The average homeowner in Coal City can save about $13,000 on their power bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Coal City
| Year | Return on Investment |
|---|---|
| 1 years | $-12,244 |
| 3 years | $-12,093 |
| 5 years | $-11,942 |
| 7 years | $-11,792 |
| 9 years | $-11,641 |
| 11 years | $-11,490 |
| 13 years | $-11,340 |
| 15 years | $-11,189 |
| 17 years | $-11,038 |
| 19 years | $-10,887 |
| 21 years | $-10,737 |
| 23 years | $-10,586 |
| 25 years | $-10,435 |
Top Solar Installers in Coal City
Although you can install solar panels on your own, it involves extra energy and know-how. Because of that, the majority of homeowners choose to go with a solar panel installer. The expertise that solar installers offer can be helpful as well, particularly if you don't quite know what brand of solar equipment would be right for your home.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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 Coal City
Factors that Affect Solar Panel Costs in Coal City
The cost of installing a solar system in Coal City can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Coal City. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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 greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Coal City to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in Coal City, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger 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 | $9,121 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,467 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $15,965 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,617 | 13.3 years |
| 14 kW | $2.62 | $25,684 | $23,422 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,379 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,490 | 12.5 years |
| 20 kW | $2.46 | $34,398 | $35,753 | 12.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose greatly impacts your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Each company may offer different kinds 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 considerable role in the company you go with.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Coal City, IL Solar Cost FAQs
How much does it cost to install solar panels in Coal City?
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 other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
The upfront cost is a crucial 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 keep in mind are the quality and durability of your solar panels.
Is it worth going solar in Coal City?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.