Solar Panel Cost Guide in Genoa, IL (2023 Update)
- Genoa Solar Installation Cost: $12,402
- 25-Year Savings: $10,209
- Payback Period: 13.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Genoa
Find out how much it might cost to install solar panels in Genoa.
In Genoa, solar panels cost about 2.73 per watt on average. The average solar panel system size in Genoa is around 6.5 kilowatts, meaning a cost of about $12,402 for a solar installation, or $17,735 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Genoa homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Even with the large upfront cost, the average Genoa homeowner can save around $13,000 on their electricity bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a top solar installer in Genoa for a custom estimate.
Solar savings over time in Genoa
| Year | Return on Investment |
|---|---|
| 1 years | $-11,498 |
| 3 years | $-9,689 |
| 5 years | $-7,880 |
| 7 years | $-6,071 |
| 9 years | $-4,262 |
| 11 years | $-2,453 |
| 13 years | $-644 |
| 15 years | $1,165 |
| 17 years | $2,974 |
| 19 years | $4,783 |
| 21 years | $6,591 |
| 23 years | $8,400 |
| 25 years | $10,209 |
Top Solar Installers in Genoa
When going solar, many homeowners prefer to hire a solar installer since handling can be a challenging project. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Genoa, 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
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 Genoa
Factors that Affect Solar Panel Costs in Genoa
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Genoa: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Genoa, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past power bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bump up your total well above the Genoa average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Genoa homeowners choose to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's crucial to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Genoa, you'll have many options to choose from, but each comes at varying price points for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that has the products, warranties and services you want and also fits within your budget.
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 | $8,967 | 14.3 years |
| 8 kW | $2.78 | $15,594 | $12,262 | 14.0 years |
| 10 kW | $2.73 | $19,110 | $15,709 | 13.7 years |
| 12 kW | $2.68 | $22,473 | $19,310 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,063 | 13.2 years |
| 16 kW | $2.57 | $28,741 | $26,969 | 12.9 years |
| 18 kW | $2.51 | $31,646 | $31,028 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,240 | 12.3 years |
How to Save on Solar Panels
The solar company you go with will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
- Installation Process: Make sure you're on the same page with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
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 Genoa, IL Solar Cost FAQs
What is the average cost of installing solar panels in Genoa?
This is a hard question to answer exactly, 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. It will cost more if you want extra 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 want a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider when buying solar panels?
The initial cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is it worth going solar in Genoa?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.