Solar Panel Cost Guide in Geneva, IL (2023 Update)
- Geneva Solar Installation Cost: $12,479
- 25-Year Savings: $15,857
- Payback Period: 11.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Geneva
We break down average solar pricing in Geneva.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Geneva, the average cost of a solar system is 2.73 per watt. Because a 6.5-kW system is needed to cover the energy needs of a typical home in Geneva, the average price of going solar will be about $12,479 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary based on several factors, such as what size system you need, your energy consumption and what company you go with. Many homeowners find going solar is a sound investment. The average homeowner in Geneva can save about $16,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Geneva that can help you get a more accurate cost estimate for your home.
Solar savings over time in Geneva
| Year | Return on Investment |
|---|---|
| 1 years | $-11,345 |
| 3 years | $-9,078 |
| 5 years | $-6,812 |
| 7 years | $-4,545 |
| 9 years | $-2,278 |
| 11 years | $-11 |
| 13 years | $2,256 |
| 15 years | $4,523 |
| 17 years | $6,790 |
| 19 years | $9,057 |
| 21 years | $11,324 |
| 23 years | $13,591 |
| 25 years | $15,857 |
Top Solar Installers in Geneva
Although you can install solar panels on your own, it involves extra energy and expertise. That's one of the reasons most homeowners choose to go with a solar panel installer. The expertise that solar companies offer can be invaluable as well, particularly if you aren't sure what brand of solar equipment you need.
If you're searching for a solar installer in Geneva, we've compiled 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
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 Geneva
Factors that Affect Solar Panel Costs in Geneva
The cost of installing a solar system in Geneva can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Geneva provide solar loans, which reduce the initial cost of installing a solar system. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Geneva, and each can charge varying amounts for labor and equipment. Additionally, some companies in Geneva know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $14,110 | 11.5 years |
| 8 kW | $2.78 | $15,594 | $19,120 | 11.2 years |
| 10 kW | $2.73 | $19,110 | $24,282 | 11.0 years |
| 12 kW | $2.68 | $22,473 | $29,597 | 10.8 years |
| 14 kW | $2.62 | $25,684 | $35,065 | 10.6 years |
| 16 kW | $2.57 | $28,741 | $40,685 | 10.3 years |
| 18 kW | $2.51 | $31,646 | $46,459 | 10.1 years |
| 20 kW | $2.46 | $34,398 | $52,385 | 9.9 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on 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:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
- Contract: It's important to read through your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: An important thing to understand when adopting solar power 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.
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you want a specific brand, make sure the solar installer you're considering has it.
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 Geneva, IL Solar Cost FAQs
How much does it cost to install solar panels in Geneva?
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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Geneva?
Leasing solar panels can be an attractive choice, because it often 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Geneva, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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 household 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.