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 East Lincoln homeowner needs a 6.3-kilowatt system, which would cost about $16,651 with the federal tax credit, or $23,811 before the 0 tax credit is applied.
These figures are only averages, and the cost of going solar for you will most likely look different based on your energy needs and what company you want to go with.But, after you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $12,000 over 20 years on utility bills.
To calculate your potential ROI and connect with a local solar company, 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
When switching to solar energy, many homeowners prefer to hire a solar company since overseeing your solar installation yourself can be a challenging project. Another advantage of working with a solar installer is that they can help you optimize your ROI by lowering your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some nearby:
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in East Lincoln
Factors that Affect Solar Panel Costs in East Lincoln
There are several criteria 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 installs your solar panels.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,760. The type of solar equipment you choose can bring your price up or down 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. In addition, add-on products, such as solar batteries, can bump up your total well above the East Lincoln average.
Solar Financing Terms
Most solar companies in East Lincoln have solar loans, which reduce the initial cost of installing solar.However, the interest on solar loans also adds to your total costs, so it’s vital to include that in your estimate as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can impact the cost. East Lincoln’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in East Lincoln have more knowledge about local solar incentives and can help you learn about 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 end up saving you 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 | $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
Since the model of solar panels and the installation company you choose considerably influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Read the contract terms carefully to make sure you understand the overall cost, project timeline incentives and warranties.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of 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 satisfied reviews from past customers.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as repairing your electrical system or roof.
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 certain factors such as 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 East Lincoln?
Leasing solar panels can be an appealing choice, because it usually 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 maximize your savings.
How will having solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in East Lincoln is currently $129,632, so you can look forward to a value of about $5,315 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in East Lincoln is a fruitful investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.