Solar Panel Cost Guide in Gillespie, IL (2024 Update)
- Gillespie Solar Installation Cost: $16,257
- 25-Year Savings: $14,062
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in Gillespie
We break down average solar pricing in Gillespie.
In Gillespie, solar panels cost about 4 per watt on average.Since a 6.2-kW system is needed to cover the energy needs of a typical home in Gillespie, the average price of going solar will be about $16,257 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more.Despite the significant initial cost, the average Gillespie homeowner can save about $16,000 on their power bills over 20 years, which is one of the advantages of solar.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Gillespie
| Year | Return on Investment |
|---|---|
| 1 years | $-15,407 |
| 3 years | $-13,705 |
| 5 years | $-12,004 |
| 7 years | $-10,303 |
| 9 years | $-8,601 |
| 11 years | $-6,900 |
| 13 years | $-5,199 |
| 15 years | $-3,497 |
| 17 years | $-1,796 |
| 19 years | $-95 |
| 21 years | $1,606 |
| 23 years | $3,308 |
| 25 years | $5,009 |
Top Solar Installers in Gillespie
When switching to solar energy, many homeowners prefer to use a solar installer since handling can be a challenging project. Some solar installers, especially local ones, can help you make the most of incentives in Gillespie, optimizing your ROI.
If you're on the hunt for a solar installer in Gillespie, 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Gillespie
Factors that Affect Solar Panel Costs in Gillespie
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Gillespie: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $3,760 per kilowatt in Gillespie.The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Gillespie to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.You’ll have to consider the long-term cost of financing options, 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 more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Gillespie is the company you choose to install your PV system. As with choosing a company to build a deck or pool, for example, you’ll have many options for solar installers that provide a range of services for different budgets.Additionally, some companies in Gillespie 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 | $3.91 | $16,424 | $8,702 | 16.3 years |
| 8 kW | $3.84 | $21,477 | $12,023 | 16.0 years |
| 10 kW | $3.76 | $26,320 | $15,556 | 15.7 years |
| 12 kW | $3.68 | $30,952 | $19,298 | 15.4 years |
| 14 kW | $3.61 | $35,374 | $23,252 | 15.1 years |
| 16 kW | $3.53 | $39,585 | $27,416 | 14.8 years |
| 18 kW | $3.46 | $43,586 | $31,790 | 14.5 years |
| 20 kW | $3.38 | $47,376 | $36,375 | 14.1 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 models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: If you’re concerned about the longevity of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: When reading over your solar company’s contract, ask for clarification 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.
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you want a specific brand, make sure the solar panel 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Gillespie, IL Solar Cost FAQs
How much does it cost to install solar panels in Gillespie?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 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 needs. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Gillespie?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using 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.