Solar Panel Cost Guide in Hickory Point, IL (2023 Update)
- Hickory Point Solar Installation Cost: $12,028
- 25-Year Savings: $14,416
- Payback Period: 11.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hickory Point
Find out what the average cost of solar panels are 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. The average solar panel system size in Hickory Point is around 6.3 kilowatts, meaning a cost of about $12,020 for a solar installation, or $17,189 before the 30% federal solar tax credit is applied.
The true price you pay can go higher or lower than the average in Hickory Point based on a variety of factors, such as the type of solar panels you choose and the solar installer you hire. Despite the significant initial cost, the average Hickory Point homeowner can save about $16,000 on their energy bills over 20 years, which is one of the benefits of solar.
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 | $-11,939 |
| 3 years | $-11,763 |
| 5 years | $-11,587 |
| 7 years | $-11,410 |
| 9 years | $-11,234 |
| 11 years | $-11,058 |
| 13 years | $-10,882 |
| 15 years | $-10,705 |
| 17 years | $-10,529 |
| 19 years | $-10,353 |
| 21 years | $-10,176 |
| 23 years | $-10,000 |
| 25 years | $-9,824 |
Top Solar Installers in Hickory Point
Installing solar panels by yourself can be a time-consuming task, which is why using a solar installation company is a good option for many homeowners. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Hickory Point
Factors that Affect Solar Panel Costs in Hickory Point
There are a number of factors that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. The model of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that have higher efficiency, 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 consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Hickory Point, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of 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.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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.