Solar Panel Cost Guide in Glenwood, IL (Mar 2023)
- Glenwood Solar Installation Cost: $12,211
- 25-Year Savings: $10,400
- Payback Period: 13.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Glenwood
We break down average solar pricing in Glenwood.
The national average cost of solar panels is $2.66 per watt, but in Glenwood it's 2.73 per watt. To account for the typical energy needs of the average home in Glenwood, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,211, or $17,462 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of equipment you want to get, your solar contractor and more. Despite the significant upfront cost, the average Glenwood homeowner can save around $13,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a reputable solar installer in your area for a custom quote.
Solar savings over time in Glenwood
| Year | Return on Investment |
|---|---|
| 1 years | $-11,307 |
| 3 years | $-9,498 |
| 5 years | $-7,689 |
| 7 years | $-5,880 |
| 9 years | $-4,071 |
| 11 years | $-2,262 |
| 13 years | $-453 |
| 15 years | $1,356 |
| 17 years | $3,165 |
| 19 years | $4,974 |
| 21 years | $6,783 |
| 23 years | $8,592 |
| 25 years | $10,400 |
Top Solar Installers in Glenwood
Trying to install solar panels by yourself can be a challenging undertaking, which is why using a solar installer is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
If you're searching for a solar installer in Glenwood, 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 (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 Glenwood
Factors that Affect Solar Panel Costs in Glenwood
For many Glenwood homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Glenwood, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to think 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 installers in Glenwood offer solar loans, which reduce your upfront costs of installing a solar system. 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 can only 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 finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can impact the cost. Glenwood's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $9,307 | 14.0 years |
| 8 kW | $2.78 | $15,594 | $12,715 | 13.8 years |
| 10 kW | $2.73 | $19,110 | $16,276 | 13.5 years |
| 12 kW | $2.68 | $22,473 | $19,990 | 13.2 years |
| 14 kW | $2.62 | $25,684 | $23,856 | 13.0 years |
| 16 kW | $2.57 | $28,741 | $27,876 | 12.7 years |
| 18 kW | $2.51 | $31,646 | $32,048 | 12.4 years |
| 20 kW | $2.46 | $34,398 | $36,374 | 12.2 years |
How to Save on Solar Panels
The solar company you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: When going solar, it's necessary to keep an open line of communication with your solar installer. See to it that you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which type 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 peruse their list of options before deciding.
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 Glenwood, IL Solar Cost FAQs
What is the average cost of installing solar panels in Glenwood?
This is a difficult question to answer precisely, because the cost depends on many 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 above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption 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 install between 20 and 35 panels to account for 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.