Solar Panel Cost Guide in East Lincoln, IL (2024 Update)
- East Lincoln Solar Installation Cost: $16,651
- 25-Year Savings: $7,741
- Payback Period: 21.0 Years
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Average Cost of Solar Panels in East Lincoln
We go over average solar pricing in East Lincoln.
The national average cost of solar panels is $2.66 per watt, but in East Lincoln it’s 4 per watt.The average solar panel system size in East Lincoln is around 6.3 kilowatts, meaning a cost of about $16,651 for a solar installation, or $23,811 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average East Lincoln homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find installing solar panels is a solid investment. The average homeowner in East Lincoln can save around $12,000 on their electricity bills over 20 years.
To receive a free estimate from a highly rated solar installation company in East Lincoln, you can click the button below.
Solar savings over time in East Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-15,800 |
| 3 years | $-14,099 |
| 5 years | $-12,397 |
| 7 years | $-10,696 |
| 9 years | $-8,995 |
| 11 years | $-7,293 |
| 13 years | $-5,592 |
| 15 years | $-3,891 |
| 17 years | $-2,190 |
| 19 years | $-488 |
| 21 years | $1,213 |
| 23 years | $2,914 |
| 25 years | $4,616 |
Top Solar Installers in East Lincoln
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with an installer can make switching to solar power much easier. Local solar installers can also help you maximize your return on investment by assisting with any local incentives and by providing warranties and repairs.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 East Lincoln
Factors that Affect Solar Panel Costs in East Lincoln
There are several factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most important 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 consumes, the larger your system will likely need to be. You can expect to pay about $3,760 per kilowatt in East Lincoln.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 can expect 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
Most solar installers in East Lincoln provide solar loans, which reduce your upfront costs of installing a solar system.While solar loans make going solar more accessible for East Lincoln homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you choose will affect your total cost to go solar. 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 offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $3.91 | $16,424 | $2,384 | 21.8 years |
| 8 kW | $3.84 | $21,477 | $3,600 | 21.4 years |
| 10 kW | $3.76 | $26,320 | $5,026 | 21.0 years |
| 12 kW | $3.68 | $30,952 | $6,663 | 20.6 years |
| 14 kW | $3.61 | $35,374 | $8,510 | 20.2 years |
| 16 kW | $3.53 | $39,585 | $10,568 | 19.7 years |
| 18 kW | $3.46 | $43,586 | $12,837 | 19.3 years |
| 20 kW | $3.38 | $47,376 | $15,316 | 18.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 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 $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in East Lincoln?
Leasing solar panels can be an appealing choice, because it commonly 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase your property value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t go for 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."
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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 household 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.