Solar Panel Cost Guide in Coral, IL (2023 Update)
- Coral Solar Installation Cost: $12,465
- 25-Year Savings: $10,147
- Payback Period: 13.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Coral
See how much it might cost to switch to solar power in Coral.
The national average cost of solar panels is $2.66 per watt, but in Coral it's 2.73 per watt. The average solar panel system size in Coral is around 6.5 kilowatts, meaning a cost of about $12,460 for a solar installation, or $17,818 before the 30% federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Coral based on several factors, such as the kind of solar panels you choose and the solar company you hire. With typical savings of about $13,000 on utility bills over 20 years, many homeowners in Coral find installing solar panels can pay off big.
You can click the button below to get connected with a vetted solar company in Coral that can help you get a more accurate cost estimate for your home.
Solar savings over time in Coral
| Year | Return on Investment |
|---|---|
| 1 years | $-12,390 |
| 3 years | $-12,239 |
| 5 years | $-12,088 |
| 7 years | $-11,938 |
| 9 years | $-11,787 |
| 11 years | $-11,636 |
| 13 years | $-11,485 |
| 15 years | $-11,335 |
| 17 years | $-11,184 |
| 19 years | $-11,033 |
| 21 years | $-10,882 |
| 23 years | $-10,732 |
| 25 years | $-10,581 |
Top Solar Installers in Coral
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Using a solar panel installer can make your switch to solar power much easier. The payback period of solar panels will vary depending on factors like your location and energy use, but going with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
If you're looking for a solar installer in Coral, we've put together 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
See all of the solar companies in Coral
Factors that Affect Solar Panel Costs in Coral
The cost of installing a solar system in Coral can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are several different solar panel brands and the one you pick also changes the cost. Usually, the brands that have better efficiency 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 far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Coral, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. When figuring out 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 reduce the total interest paid over time.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Coral, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $8,875 | 14.3 years |
| 8 kW | $2.78 | $15,594 | $12,138 | 14.1 years |
| 10 kW | $2.73 | $19,110 | $15,555 | 13.8 years |
| 12 kW | $2.68 | $22,473 | $19,125 | 13.5 years |
| 14 kW | $2.62 | $25,684 | $22,848 | 13.2 years |
| 16 kW | $2.57 | $28,741 | $26,723 | 13.0 years |
| 18 kW | $2.51 | $31,646 | $30,751 | 12.7 years |
| 20 kW | $2.46 | $34,398 | $34,933 | 12.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies carry different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Warranty: If you're worried about the durability of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project completion timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Coral, IL Solar Cost FAQs
What is the average cost of installing solar panels in Coral?
The average cost of solar panels in Coral 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 like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Coral?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How will installing solar panels impact how much my home is worth?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Coral?
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 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.