Solar Panel Cost Guide in Geneseo, IL (2023 Update)
- Geneseo Solar Installation Cost: $12,286
- 25-Year Savings: $8,457
- Payback Period: 14.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Geneseo
Find out what the average cost of solar panels are in Geneseo.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Geneseo, the typical cost of a solar system is 2.73 per watt. To account for the typical energy usage of the average home in Geneseo, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $12,288, or $17,572 before the federal solar tax credit of 30% is applied.
These figures are only averages, and your own solar costs will vary based on your specific situation and what company you go with. Many homeowners find installing solar panels is a sound investment. The average homeowner in Geneseo can save around $12,000 on their electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Geneseo
| Year | Return on Investment |
|---|---|
| 1 years | $-12,217 |
| 3 years | $-12,079 |
| 5 years | $-11,941 |
| 7 years | $-11,802 |
| 9 years | $-11,664 |
| 11 years | $-11,526 |
| 13 years | $-11,387 |
| 15 years | $-11,249 |
| 17 years | $-11,111 |
| 19 years | $-10,973 |
| 21 years | $-10,834 |
| 23 years | $-10,696 |
| 25 years | $-10,558 |
Top Solar Installers in Geneseo
Trying to put up solar panels by yourself can be a stressful task, which is why getting a solar installer is a good option for many homeowners. A solar installer can also help save you money over time by offering warranties, repairs and component replacements.
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 nearby:
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 Geneseo
Factors that Affect Solar Panel Costs in Geneseo
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Geneseo: 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 size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,730. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Geneseo, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Geneseo, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Geneseo 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 end up saving you 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 | $7,433 | 15.4 years |
| 8 kW | $2.78 | $15,594 | $10,217 | 15.1 years |
| 10 kW | $2.73 | $19,110 | $13,153 | 14.8 years |
| 12 kW | $2.68 | $22,473 | $16,242 | 14.5 years |
| 14 kW | $2.62 | $25,684 | $19,485 | 14.2 years |
| 16 kW | $2.57 | $28,741 | $22,880 | 13.9 years |
| 18 kW | $2.51 | $31,646 | $26,428 | 13.6 years |
| 20 kW | $2.46 | $34,398 | $30,128 | 13.3 years |
How to Save on Solar Panels
The solar installer you opt for will impact 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 some important things you should keep in mind, such as:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- 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 installer, such as what permits you should secure and how long the project will take.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
- Contract: Read the contract terms thoroughly to make sure you understand the overall cost, project completion timeline rebates and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Geneseo, IL Solar Cost FAQs
How much does it cost to install solar panels in Geneseo?
This is a tough question to answer precisely, 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 additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Geneseo?
A solar panel system isn't free in Geneseo, 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 making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
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 how much energy they produce will have decreased significantly after that point. You can decide to replace them after having 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.