Solar Panel Cost Guide in Godfrey, IL (2023 Update)
- Godfrey Solar Installation Cost: $11,695
- 25-Year Savings: $15,060
- Payback Period: 10.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Godfrey
Find out what the average cost of installing solar panels is in Godfrey.
The national average cost of solar panels is $2.66 per watt, but in Godfrey it's 2.73 per watt. Using this figure, a typical 6.1-kW system would cost about $11,695 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary depending on several factors, such as how many panels you need, your energy consumption and what company you go with. Even with the large initial cost, the average Godfrey homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a vetted solar installer in Godfrey for a customized estimate.
Solar savings over time in Godfrey
| Year | Return on Investment |
|---|---|
| 1 years | $-10,625 |
| 3 years | $-8,485 |
| 5 years | $-6,344 |
| 7 years | $-4,204 |
| 9 years | $-2,064 |
| 11 years | $77 |
| 13 years | $2,217 |
| 15 years | $4,358 |
| 17 years | $6,498 |
| 19 years | $8,638 |
| 21 years | $10,779 |
| 23 years | $12,919 |
| 25 years | $15,060 |
Top Solar Installers in Godfrey
Many homeowners opt for a solar panel installer since figuring out how to install solar panels yourself can be hard. Also, companies with a good 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 Godfrey, 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
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 Godfrey
Factors that Affect Solar Panel Costs in Godfrey
For many Godfrey homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Godfrey, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,730. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Godfrey average.
Solar Financing Terms
Many homeowners find the average cost of solar in Godfrey to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time because of interest. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you select will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $14,317 | 11.4 years |
| 8 kW | $2.78 | $15,594 | $19,394 | 11.1 years |
| 10 kW | $2.73 | $19,110 | $24,625 | 10.9 years |
| 12 kW | $2.68 | $22,473 | $30,009 | 10.7 years |
| 14 kW | $2.62 | $25,684 | $35,546 | 10.5 years |
| 16 kW | $2.57 | $28,741 | $41,235 | 10.3 years |
| 18 kW | $2.51 | $31,646 | $47,077 | 10.0 years |
| 20 kW | $2.46 | $34,398 | $53,073 | 9.8 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Godfrey, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar installer, be sure to read it through carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two 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 satisfied reviews from previous customers.
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 Godfrey, IL Solar Cost FAQs
What is the average cost of installing solar panels in Godfrey?
This is a hard question to answer precisely, because the cost depends on a few different 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Godfrey?
A solar panel system isn't free in Godfrey, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels eliminate my power bills?
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 $874.71 per year.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs 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.