Solar Panel Cost Guide in Gibson City, IL (2023 Update)
- Gibson City Solar Installation Cost: $12,184
- 25-Year Savings: $13,094
- Payback Period: 12.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Gibson City
Find out what the average cost of solar panel installation is in Gibson City.
The average cost of a solar panel system in Gibson City is 2.73 per watt. Using this figure, a typical 6.4-kW system would cost about $12,192 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Gibson City homeowner. The price 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. For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $15,000 in savings on utility bills over 20 years.
To receive a free estimate from a pre-vetted solar company in Gibson City, you can click the button below.
Solar savings over time in Gibson City
| Year | Return on Investment |
|---|---|
| 1 years | $-11,333 |
| 3 years | $-9,632 |
| 5 years | $-7,930 |
| 7 years | $-6,229 |
| 9 years | $-4,528 |
| 11 years | $-2,827 |
| 13 years | $-1,125 |
| 15 years | $576 |
| 17 years | $2,277 |
| 19 years | $3,979 |
| 21 years | $5,680 |
| 23 years | $7,381 |
| 25 years | $9,083 |
Top Solar Installers in Gibson City
Although you can install solar panels yourself, it requires extra labor and handiness. Because of that, most people choose a solar panel installer. Local solar companies can also help you optimize your return on investment by walking you through any local incentives and by providing warranties and repairs.
If you're searching for a solar installer in Gibson City, we've 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
See all of the solar companies in Gibson City
Factors that Affect Solar Panel Costs in Gibson City
Even though the average cost of a solar system in Gibson City is $12,192, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Gibson City, 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 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 difficult, solar loans are a popular option because they decrease 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 lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Gibson City is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services at different costs. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $11,863 | 12.5 years |
| 8 kW | $2.78 | $15,594 | $16,124 | 12.3 years |
| 10 kW | $2.73 | $19,110 | $20,537 | 12.1 years |
| 12 kW | $2.68 | $22,473 | $25,103 | 11.8 years |
| 14 kW | $2.62 | $25,684 | $29,822 | 11.6 years |
| 16 kW | $2.57 | $28,741 | $34,694 | 11.3 years |
| 18 kW | $2.51 | $31,646 | $39,718 | 11.1 years |
| 20 kW | $2.46 | $34,398 | $44,896 | 10.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of 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 past customers.
- Solar Panel Brands: Different companies will have various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Gibson City, IL Solar Cost FAQs
How much does it cost to install solar panels in Gibson City?
The average cost of solar panels in Gibson City is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration 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 why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Gibson City?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.