Solar Panel Cost Guide in Fairbury, IL (2023 Update)
- Fairbury Solar Installation Cost: $12,180
- 25-Year Savings: $13,370
- Payback Period: 11.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Fairbury
Let's take a look at the average cost of solar panels in Fairbury.
Although the national average of solar panels is $2.66 per watt, solar panels in Fairbury typically cost around 2.73. The average solar panel system size in Fairbury is around 6.4 kilowatts, meaning a cost of about $12,173 for a solar installation, or $17,407 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of going solar can vary quite a bit based on several factors, such as what size system you need, your energy usage and what company you go with. But, after you've paid the upfront cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $15,000 over 20 years on utility bills.
To get a free quote from a highly rated solar installation company in Fairbury, you can click the button below.
Solar savings over time in Fairbury
| Year | Return on Investment |
|---|---|
| 1 years | $-11,024 |
| 3 years | $-8,711 |
| 5 years | $-6,399 |
| 7 years | $-4,087 |
| 9 years | $-1,774 |
| 11 years | $538 |
| 13 years | $2,850 |
| 15 years | $5,163 |
| 17 years | $7,475 |
| 19 years | $9,788 |
| 21 years | $12,100 |
| 23 years | $14,412 |
| 25 years | $16,725 |
Top Solar Installers in Fairbury
When going solar, many homeowners prefer to hire a solar installer since installing a solar system yourself can be a challenging project. Plus, if you aren't sure what kind of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're looking for a solar company in Fairbury, the EcoWatch team has put together a list of our top suggestions here:
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 Fairbury
Factors that Affect Solar Panel Costs in Fairbury
For many Fairbury homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Fairbury, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you get 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 come at a higher price 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid route because they decrease your upfront costs and let you pay for your system over five to seven years on average. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can impact how much you pay. Fairbury's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Fairbury have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $2.84 | $11,925 | $12,127 | 12.4 years |
| 8 kW | $2.78 | $15,594 | $16,476 | 12.2 years |
| 10 kW | $2.73 | $19,110 | $20,977 | 11.9 years |
| 12 kW | $2.68 | $22,473 | $25,631 | 11.7 years |
| 14 kW | $2.62 | $25,684 | $30,438 | 11.4 years |
| 16 kW | $2.57 | $28,741 | $35,397 | 11.2 years |
| 18 kW | $2.51 | $31,646 | $40,510 | 11.0 years |
| 20 kW | $2.46 | $34,398 | $45,776 | 10.7 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most 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.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to read through your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Fairbury, IL Solar Cost FAQs
How much does it cost to install solar panels in Fairbury?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Fairbury?
You can't get solar panels for free in Fairbury. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels do I need to power 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 usually 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.