Solar Panel Cost Guide in Eureka, IL (Mar 2023)
- Eureka Solar Installation Cost: $12,154
- 25-Year Savings: $11,814
- Payback Period: 12.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Eureka
We break down average solar pricing in Eureka.
The average cost of solar panels in Eureka is 2.73 per watt. Because a 6.4-kW system is needed to cover the energy consumption of a typical home in Eureka, the average price of going solar will be about $12,154 after claiming the federal solar tax credit of 30%.
The true price you pay can be higher or lower than the average in Eureka depending on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $14,000 over 20 years on utility bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Eureka
| Year | Return on Investment |
|---|---|
| 1 years | $-11,195 |
| 3 years | $-9,278 |
| 5 years | $-7,360 |
| 7 years | $-5,443 |
| 9 years | $-3,525 |
| 11 years | $-1,608 |
| 13 years | $309 |
| 15 years | $2,227 |
| 17 years | $4,144 |
| 19 years | $6,062 |
| 21 years | $7,979 |
| 23 years | $9,897 |
| 25 years | $11,814 |
Top Solar Installers in Eureka
Trying to install solar panels yourself can be a challenging task, which is why using a solar installer is a good option for many homeowners. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
Working with a professional solar installer can help your solar project go smoothly. 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 Eureka
Factors that Affect Solar Panel Costs in Eureka
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that determine your overall cost in Eureka: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation 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 brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Eureka to be too costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Eureka, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $10,671 | 13.2 years |
| 8 kW | $2.78 | $15,594 | $14,534 | 12.9 years |
| 10 kW | $2.73 | $19,110 | $18,549 | 12.7 years |
| 12 kW | $2.68 | $22,473 | $22,718 | 12.4 years |
| 14 kW | $2.62 | $25,684 | $27,039 | 12.2 years |
| 16 kW | $2.57 | $28,741 | $31,513 | 11.9 years |
| 18 kW | $2.51 | $31,646 | $36,140 | 11.7 years |
| 20 kW | $2.46 | $34,398 | $40,920 | 11.4 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose considerably impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
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 Eureka, IL Solar Cost FAQs
What is the average cost of installing solar panels in Eureka?
The average cost of solar panels in Eureka is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors 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 Eureka?
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 don't have access to many solar incentives. Also your home 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.
Does Eureka have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How long do solar panels last in Eureka?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.