Solar Panel Cost Guide in Gibson City, IL (Mar 2023)
- Gibson City Solar Installation Cost: $12,192
- 25-Year Savings: $13,085
- Payback Period: 12.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Gibson City
Find out what the average cost of solar panels are in Gibson City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Gibson City, the typical cost of a solar system 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.
Keep in mind that the figures above are only estimates based on the average Gibson City homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $15,000 on energy bills over 20 years, many homeowners in Gibson City find going solar can be quite rewarding.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Gibson City
| Year | Return on Investment |
|---|---|
| 1 years | $-11,181 |
| 3 years | $-9,159 |
| 5 years | $-7,137 |
| 7 years | $-5,115 |
| 9 years | $-3,092 |
| 11 years | $-1,070 |
| 13 years | $952 |
| 15 years | $2,974 |
| 17 years | $4,996 |
| 19 years | $7,019 |
| 21 years | $9,041 |
| 23 years | $11,063 |
| 25 years | $13,085 |
Top Solar Installers in Gibson City
Trying to install solar panels by yourself can be a challenging undertaking, which is why getting a solar installation company is a good option for many homeowners. 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.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Gibson City
Factors that Affect Solar Panel Costs in Gibson City
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Gibson City: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Gibson City, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. The brand of solar panels and equipment you choose is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Gibson City have solar loans, which reduce the initial cost of installing a solar system. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can play a part in determining the cost. Gibson City's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that has the products, warranties and services you're looking for and also is 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 | $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 many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Gibson City, IL Solar Cost FAQs
What is the average cost of installing 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 like the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Gibson City?
A solar panel system isn't free in Gibson City, 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 can help lower the cost.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $792.94 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.