Solar Panel Cost Guide in Fancy Creek, IL (2023 Update)
- Fancy Creek Solar Installation Cost: $11,944
- 25-Year Savings: $13,508
- Payback Period: 11.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Fancy Creek
Let's take a look at the average cost of solar in Fancy Creek.
The average cost of a solar system in Fancy Creek is 2.73 per watt. Using this figure, a typical 6.2-kW system would cost about $11,944 before the 30% federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely look different based on factors unique to your home and what company you choose to go with. But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $15,000 over 20 years on utility bills.
You can click the button below to get connected with a top solar company in Fancy Creek for a quote for your home.
Solar savings over time in Fancy Creek
| Year | Return on Investment |
|---|---|
| 1 years | $-10,926 |
| 3 years | $-8,890 |
| 5 years | $-6,853 |
| 7 years | $-4,817 |
| 9 years | $-2,781 |
| 11 years | $-745 |
| 13 years | $1,291 |
| 15 years | $3,327 |
| 17 years | $5,363 |
| 19 years | $7,400 |
| 21 years | $9,436 |
| 23 years | $11,472 |
| 25 years | $13,508 |
Top Solar Installers in Fancy Creek
Although it's possible to install solar panels yourself, it takes extra labor and know-how. Because of that, almost all homeowners choose a solar panel installer. Plus, if you aren't sure what kind of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Fancy Creek
Factors that Affect Solar Panel Costs in Fancy Creek
For many Fancy Creek homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Fancy Creek, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can affect how much it costs. Fancy Creek's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $12,493 | 12.2 years |
| 8 kW | $2.78 | $15,594 | $16,963 | 12.0 years |
| 10 kW | $2.73 | $19,110 | $21,585 | 11.7 years |
| 12 kW | $2.68 | $22,473 | $26,361 | 11.5 years |
| 14 kW | $2.62 | $25,684 | $31,290 | 11.3 years |
| 16 kW | $2.57 | $28,741 | $36,371 | 11.0 years |
| 18 kW | $2.51 | $31,646 | $41,606 | 10.8 years |
| 20 kW | $2.46 | $34,398 | $46,993 | 10.6 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, including:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Contract: Before signing a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable 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 positive reviews from previous customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Fancy Creek, IL Solar Cost FAQs
What is the average cost of installing solar panels in Fancy Creek?
This is a difficult 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 cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Fancy Creek?
A solar panel system isn't free in Fancy Creek, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Fancy Creek?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out how many solar panels 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 house 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.