Solar Panel Cost Guide in Fulton, IL (2023 Update)
- Fulton Solar Installation Cost: $12,371
- 25-Year Savings: $15,756
- Payback Period: 11.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Fulton
We go over average solar pricing in Fulton.
In Fulton, solar panels cost about 2.73 per watt on average. Using this figure, a typical 6.5-kW system would cost about $12,364 before the 30% federal solar tax credit is applied.
The true price you pay can go above or below the average in Fulton depending on a variety of factors, such as the type of solar panels you choose and the solar installer you hire. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Fulton see about $17,000 in savings on utility bills over 20 years.
To get a free estimate from a vetted solar installer in Fulton, you can click the button below.
Solar savings over time in Fulton
| Year | Return on Investment |
|---|---|
| 1 years | $-12,277 |
| 3 years | $-12,090 |
| 5 years | $-11,902 |
| 7 years | $-11,715 |
| 9 years | $-11,527 |
| 11 years | $-11,340 |
| 13 years | $-11,152 |
| 15 years | $-10,965 |
| 17 years | $-10,777 |
| 19 years | $-10,590 |
| 21 years | $-10,402 |
| 23 years | $-10,215 |
| 25 years | $-10,027 |
Top Solar Installers in Fulton
Although it's possible to install solar panels yourself, it involves extra time and handiness. Because of that, most people choose to go with a solar panel installer. Plus, if you're not certain what kind of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 Fulton
Factors that Affect Solar Panel Costs in Fulton
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Fulton: solar equipment and system size, financing options and the solar installation company you choose. We'll cover 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 major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production 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. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Fulton, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are an affordable choice because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. Though solar loans make adopting solar energy more accessible for Fulton homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Fulton is the company you choose to install your PV system. As with choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services for different budgets. Additionally, some companies in Fulton have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $14,144 | 11.4 years |
| 8 kW | $2.78 | $15,594 | $19,165 | 11.2 years |
| 10 kW | $2.73 | $19,110 | $24,339 | 11.0 years |
| 12 kW | $2.68 | $22,473 | $29,665 | 10.8 years |
| 14 kW | $2.62 | $25,684 | $35,144 | 10.6 years |
| 16 kW | $2.57 | $28,741 | $40,776 | 10.3 years |
| 18 kW | $2.51 | $31,646 | $46,561 | 10.1 years |
| 20 kW | $2.46 | $34,398 | $52,499 | 9.9 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 selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project timeline.
- Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Fulton, IL Solar Cost FAQs
What is the average cost of installing solar panels in Fulton?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Fulton?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside 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.
Does Fulton have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.