Solar Panel Cost Guide in Coal Valley, IL (2023 Update)
- Coal Valley Solar Installation Cost: $12,326
- 25-Year Savings: $7,461
- Payback Period: 15.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Coal Valley
Find out what the average cost of solar panel installation is in Coal Valley.
The national average cost of solar panels is $2.66 per watt, but in Coal Valley it's 2.73 per watt. To account for the typical energy usage of the average home in Coal Valley, most homeowners require a 6.5-kilowatt system. Using the figure above, a solar installation costs around $12,326, or $17,626 before the federal solar tax credit of 30% is applied.
How much you pay can go above or below the average in Coal Valley depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $12,000 over 20 years on power bills.
For a free 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 Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-11,534 |
| 3 years | $-9,952 |
| 5 years | $-8,369 |
| 7 years | $-6,786 |
| 9 years | $-5,203 |
| 11 years | $-3,620 |
| 13 years | $-2,037 |
| 15 years | $-454 |
| 17 years | $1,129 |
| 19 years | $2,712 |
| 21 years | $4,295 |
| 23 years | $5,878 |
| 25 years | $7,461 |
Top Solar Installers in Coal Valley
Although you can install solar panels by yourself, it requires extra energy and knowledge. For that reason, most homeowners choose to hire a solar panel installer. The expertise that solar installers offer can be invaluable as well, especially if you aren't sure what type of solar equipment you need.
If you'd like to start using solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers in Coal Valley:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Coal Valley
Factors that Affect Solar Panel Costs in Coal Valley
There are many criteria that can influence your solar system 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
When it comes to estimating the cost of a solar energy system in Coal Valley, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far 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 Coal Valley to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time due to interest. While solar loans make going solar more accessible for Coal Valley homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. 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 specific equipment options like Tesla Powerwall batteries or add-on 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 | $6,471 | 16.2 years |
| 8 kW | $2.78 | $15,594 | $8,934 | 15.9 years |
| 10 kW | $2.73 | $19,110 | $11,550 | 15.6 years |
| 12 kW | $2.68 | $22,473 | $14,318 | 15.3 years |
| 14 kW | $2.62 | $25,684 | $17,240 | 15.0 years |
| 16 kW | $2.57 | $28,741 | $20,314 | 14.6 years |
| 18 kW | $2.51 | $31,646 | $23,541 | 14.3 years |
| 20 kW | $2.46 | $34,398 | $26,921 | 14.0 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 find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: If you're concerned about the longevity of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- 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 such as a system part breaking or if the company goes out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Coal Valley, IL Solar Cost FAQs
How much does it cost to install solar panels in Coal Valley?
The average cost of solar panels in Coal Valley 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Coal Valley?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Does Coal Valley 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 long do solar panels last in Coal Valley?
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 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.