Solar Panel Cost Guide in Hickory Point, IL (2024 Update)
- Hickory Point Solar Installation Cost: $16,565
- 25-Year Savings: $14,416
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in Hickory Point
Let’s take a look at the average cost of solar panels in Hickory Point.
The national average cost of solar panels is $2.66 per watt, but in Hickory Point it’s 4 per watt.The average Hickory Point homeowner needs a 6.3-kilowatt system, which would cost about $16,565 with the federal tax credit, or $23,688 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what company you go with.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Hickory Point can save about $16,000 on their electricity bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Hickory Point
| Year | Return on Investment |
|---|---|
| 1 years | $-15,715 |
| 3 years | $-14,013 |
| 5 years | $-12,312 |
| 7 years | $-10,611 |
| 9 years | $-8,910 |
| 11 years | $-7,208 |
| 13 years | $-5,507 |
| 15 years | $-3,806 |
| 17 years | $-2,104 |
| 19 years | $-403 |
| 21 years | $1,298 |
| 23 years | $2,999 |
| 25 years | $4,701 |
Top Solar Installers in Hickory Point
Many homeowners decide to hire a solar panel installer since trying to install solar panels by yourself can be challenging. Some solar companies, particularly local ones, can help you better understand incentives in Hickory Point, thereby optimizing your ROI.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Hickory Point
Factors that Affect Solar Panel Costs in Hickory Point
For many Hickory Point homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Hickory Point, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Hickory Point, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also adds to your overall costs, so it’s crucial to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Hickory Point, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and better 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 promotion can bring their pricing lower to compete with bigger companies.
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 | $8,786 | 16.3 years |
| 8 kW | $3.84 | $21,477 | $12,135 | 16.0 years |
| 10 kW | $3.76 | $26,320 | $15,695 | 15.7 years |
| 12 kW | $3.68 | $30,952 | $19,466 | 15.3 years |
| 14 kW | $3.61 | $35,374 | $23,447 | 15.0 years |
| 16 kW | $3.53 | $39,585 | $27,639 | 14.7 years |
| 18 kW | $3.46 | $43,586 | $32,042 | 14.4 years |
| 20 kW | $3.38 | $47,376 | $36,655 | 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 find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the project completion timeline.
- Contract: Even though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a good company.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Hickory Point, IL Solar Cost FAQs
How much does it cost to install solar panels in Hickory Point?
This is a hard question to answer precisely, because the cost depends on many 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 other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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 house 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.