Solar Panel Cost Guide in East Lincoln, IL (2023 Update)
- East Lincoln Solar Installation Cost: $12,089
- 25-Year Savings: $7,741
- Payback Period: 15.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in East Lincoln
We break down average solar pricing in East Lincoln.
Currently, the national average cost of solar panels is $2.66 per watt. However, in East Lincoln, the typical cost of solar panels is 2.73 per watt. The average East Lincoln homeowner needs a 6.3-kilowatt system, which would cost about $12,097 with the federal tax credit, or $17,299 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary quite a bit based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. Many homeowners find installing a solar system is a rewarding investment. The average homeowner in East Lincoln can save about $12,000 on their electricity bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in East Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-12,023 |
| 3 years | $-11,891 |
| 5 years | $-11,759 |
| 7 years | $-11,627 |
| 9 years | $-11,494 |
| 11 years | $-11,362 |
| 13 years | $-11,230 |
| 15 years | $-11,098 |
| 17 years | $-10,966 |
| 19 years | $-10,833 |
| 21 years | $-10,701 |
| 23 years | $-10,569 |
| 25 years | $-10,437 |
Top Solar Installers in East Lincoln
When switching to solar energy, many homeowners prefer to go with a solar company since putting up a solar system yourself can be a time-consuming project. Companies can also provide access to quality options of the best solar panels and help you pick which one will be right for you.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 East Lincoln
Factors that Affect Solar Panel Costs in East Lincoln
There are a number of criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The kind of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in East Lincoln to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time due to interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can impact the cost. East Lincoln's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you want and also is within your budget.
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 | $6,883 | 15.9 years |
| 8 kW | $2.78 | $15,594 | $9,483 | 15.5 years |
| 10 kW | $2.73 | $19,110 | $12,236 | 15.2 years |
| 12 kW | $2.68 | $22,473 | $15,142 | 14.9 years |
| 14 kW | $2.62 | $25,684 | $18,201 | 14.6 years |
| 16 kW | $2.57 | $28,741 | $21,412 | 14.3 years |
| 18 kW | $2.51 | $31,646 | $24,777 | 14.0 years |
| 20 kW | $2.46 | $34,398 | $28,294 | 13.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Installation Process: When making the switch to solar power, it's important to keep an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project completion timeline.
- Contract: Before signing a contract with a solar company, make sure to look it over fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's East Lincoln, IL Solar Cost FAQs
What is the average cost of installing solar panels in East Lincoln?
The average cost of solar panels in East Lincoln 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in East Lincoln?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.