Solar Panel Cost Guide in Ela, IL (Mar 2023)
- Ela Solar Installation Cost: $12,078
- 25-Year Savings: $10,534
- Payback Period: 13.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Ela
We break down average solar pricing in Ela.
The average cost of solar panels in Ela is 2.73 per watt. To cover the typical energy needs of the average home in Ela, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs around $12,078, or $17,272 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and the cost of going solar for you will most likely vary based on your energy needs and what company you want to go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Ela can save about $14,000 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 Ela
| Year | Return on Investment |
|---|---|
| 1 years | $-11,173 |
| 3 years | $-9,364 |
| 5 years | $-7,555 |
| 7 years | $-5,746 |
| 9 years | $-3,937 |
| 11 years | $-2,128 |
| 13 years | $-319 |
| 15 years | $1,490 |
| 17 years | $3,298 |
| 19 years | $5,107 |
| 21 years | $6,916 |
| 23 years | $8,725 |
| 25 years | $10,534 |
Top Solar Installers in Ela
Although you can install solar panels by yourself, it involves extra effort and handiness. Because of that, almost all homeowners choose to hire a solar panel installer. Local solar installers can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Ela
Factors that Affect Solar Panel Costs in Ela
There are many factors that can affect your solar panel 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
One of the most significant 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 power your household uses, the larger your system will likely need to be. You can expect to pay around $2,730 per kilowatt in Ela. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Ela, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your total costs, so it's important to keep that in mind as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you select will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $9,531 | 13.9 years |
| 8 kW | $2.78 | $15,594 | $13,014 | 13.6 years |
| 10 kW | $2.73 | $19,110 | $16,649 | 13.4 years |
| 12 kW | $2.68 | $22,473 | $20,438 | 13.1 years |
| 14 kW | $2.62 | $25,684 | $24,379 | 12.8 years |
| 16 kW | $2.57 | $28,741 | $28,473 | 12.6 years |
| 18 kW | $2.51 | $31,646 | $32,721 | 12.3 years |
| 20 kW | $2.46 | $34,398 | $37,121 | 12.0 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. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Ela, IL Solar Cost FAQs
How much does it cost to install solar panels in Ela?
The average cost of solar panels in Ela 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 consume.
Should I lease or buy solar panels in Ela?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How will having solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Ela is currently $380,629, so you can expect a value of about $15,606 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Ela is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.