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.
These figures are only averages, and how much solar costs for you will vary based on your energy needs and what company you go with.For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Hickory Point see about $16,000 in savings on energy bills over 20 years.
To see your potential savings 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
Although it's possible to install solar panels on your own, it requires extra effort and handiness. For that reason, almost all homeowners choose a solar panel installer. The payback period on a solar system will vary depending on factors like your roof configuration and energy consumption, but working with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
If you’d like to go solar but still aren’t certain which solar system installer to go with, here are our suggestions for providers near you:
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
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
Even though the average cost of a solar system in Hickory Point is $16,565, your actual cost may differ. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,760. The kind of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Hickory Point provide solar loans, which reduce your upfront costs of installing a solar system.While solar loans make adopting solar energy more accessible for Hickory Point homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final major 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 lots of options to choose from, but each comes at different price points for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut 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 | $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
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies have various brands and types of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Installation Process: When making the switch to solar energy, it’s crucial to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the project timeline.
- Contract: Look through the contract terms carefully to make sure you understand the total cost, project completion timeline incentives and warranties.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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
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 tough question to answer precisely, because the cost depends on a few different 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Hickory Point?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
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 requires 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 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.