Solar Panel Cost Guide in Hickory Point, IL (Mar 2023)
- Hickory Point Solar Installation Cost: $12,020
- 25-Year Savings: $14,424
- Payback Period: 11.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hickory Point
Find out how much it might cost to install solar panels in Hickory Point.
The national average cost of solar panels is $2.66 per watt, but in Hickory Point it's 2.73 per watt. To cover the typical energy usage of the average home in Hickory Point, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,020, or $17,189 before the federal solar tax credit of 30% is applied.
The true cost of your system can go above or below the average in Hickory Point depending on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire. But, once you've paid the upfront cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $16,000 over 20 years on energy bills.
You can click the button below to get connected with a top solar installer in Hickory Point for a quote for your home.
Solar savings over time in Hickory Point
| Year | Return on Investment |
|---|---|
| 1 years | $-10,962 |
| 3 years | $-8,847 |
| 5 years | $-6,731 |
| 7 years | $-4,616 |
| 9 years | $-2,500 |
| 11 years | $-385 |
| 13 years | $1,731 |
| 15 years | $3,846 |
| 17 years | $5,962 |
| 19 years | $8,077 |
| 21 years | $10,193 |
| 23 years | $12,308 |
| 25 years | $14,424 |
Top Solar Installers in Hickory Point
When going solar, many homeowners prefer to use a solar installation company since DIY solar panel installation can be a challenging project. Companies can also have access to quality options of the best solar panels and help you choose which one will be best for your home.
If you're looking for a solar company in Hickory Point, 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 Hickory Point
Factors that Affect Solar Panel Costs in Hickory Point
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Hickory Point: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,730. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Hickory Point average.
Solar Financing Terms
Most solar companies in Hickory Point offer solar loans, which reduce the initial cost 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'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 interest rate could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can influence your pricing. Hickory Point's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually 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 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 | $13,285 | 11.8 years |
| 8 kW | $2.78 | $15,594 | $18,018 | 11.6 years |
| 10 kW | $2.73 | $19,110 | $22,905 | 11.4 years |
| 12 kW | $2.68 | $22,473 | $27,945 | 11.1 years |
| 14 kW | $2.62 | $25,684 | $33,138 | 10.9 years |
| 16 kW | $2.57 | $28,741 | $38,483 | 10.7 years |
| 18 kW | $2.51 | $31,646 | $43,981 | 10.5 years |
| 20 kW | $2.46 | $34,398 | $49,633 | 10.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose significantly impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Although reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one sign of a quality company.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
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 Hickory Point, IL Solar Cost FAQs
How much does it cost to install solar panels in Hickory Point?
This is a difficult 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Hickory Point?
A solar panel system isn't free in Hickory Point, 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.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hickory Point is currently $94,781, which means you could be looking at a value of about $3,886 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Hickory Point is a rewarding investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home 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.