Solar Panel Cost Guide in Collinsville, IL (2024 Update)
- Collinsville Solar Installation Cost: $16,101
- 25-Year Savings: $8,140
- Payback Period: 20.3 Years
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Average Cost of Solar Panels in Collinsville
Find out how much it might cost to make the switch to solar in Collinsville.
In Collinsville, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Collinsville, most homeowners require a 6.1-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,101, or $23,024 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Collinsville homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find adopting solar power is a solid investment. The average homeowner in Collinsville can save about $12,000 on their power bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Collinsville
| Year | Return on Investment |
|---|---|
| 1 years | $-15,250 |
| 3 years | $-13,549 |
| 5 years | $-11,848 |
| 7 years | $-10,147 |
| 9 years | $-8,445 |
| 11 years | $-6,744 |
| 13 years | $-5,043 |
| 15 years | $-3,341 |
| 17 years | $-1,640 |
| 19 years | $61 |
| 21 years | $1,763 |
| 23 years | $3,464 |
| 25 years | $5,165 |
Top Solar Installers in Collinsville
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make swapping over to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're searching for a solar company in Collinsville, 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Collinsville
Factors that Affect Solar Panel Costs in Collinsville
For many Collinsville homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Collinsville, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,760.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Collinsville average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Collinsville homeowners choose to finance their solar panel systems to make going solar more affordable.Although solar loans make adopting solar energy more accessible for Collinsville homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Collinsville is the company you hire to install your PV system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that provide a range of services at different price points.Additionally, some companies in Collinsville have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $3,026 | 21.1 years |
| 8 kW | $3.84 | $21,477 | $4,456 | 20.7 years |
| 10 kW | $3.76 | $26,320 | $6,096 | 20.3 years |
| 12 kW | $3.68 | $30,952 | $7,947 | 19.9 years |
| 14 kW | $3.61 | $35,374 | $10,008 | 19.5 years |
| 16 kW | $3.53 | $39,585 | $12,280 | 19.1 years |
| 18 kW | $3.46 | $43,586 | $14,763 | 18.7 years |
| 20 kW | $3.38 | $47,376 | $17,456 | 18.3 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Collinsville, IL Solar Cost FAQs
What is the average cost of installing solar panels in Collinsville?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Collinsville have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How long do solar panels last in Collinsville?
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 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.