Solar Panel Cost Guide in Hillsboro, IL (2023 Update)
- Hillsboro Solar Installation Cost: $11,839
- 25-Year Savings: $15,923
- Payback Period: 10.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hillsboro
We go over average solar pricing in Hillsboro.
The national average cost of solar panels is $2.66 per watt, but in Hillsboro it's 2.73 per watt. Using this figure, a typical 6.2-kW system would cost about $11,848 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy consumption, the type of equipment you want to get, your solar contractor and more. For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Hillsboro see about $17,000 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 Hillsboro
| Year | Return on Investment |
|---|---|
| 1 years | $-11,747 |
| 3 years | $-11,562 |
| 5 years | $-11,377 |
| 7 years | $-11,191 |
| 9 years | $-11,006 |
| 11 years | $-10,821 |
| 13 years | $-10,636 |
| 15 years | $-10,451 |
| 17 years | $-10,266 |
| 19 years | $-10,081 |
| 21 years | $-9,896 |
| 23 years | $-9,711 |
| 25 years | $-9,526 |
Top Solar Installers in Hillsboro
When going solar, many homeowners prefer to use a solar installer since DIY solar panel installation can be a difficult project. Local solar installation companies can also help you optimize your return on investment by walking you through any local incentives and by offering warranties and repairs.
If you're looking for a solar installer in Hillsboro, the EcoWatch team has 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
See all of the solar companies in Hillsboro
Factors that Affect Solar Panel Costs in Hillsboro
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Hillsboro: 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 cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The brand of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to think about 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 into a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Hillsboro, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also fits within your budget.
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 | $14,962 | 11.1 years |
| 8 kW | $2.78 | $15,594 | $20,255 | 10.9 years |
| 10 kW | $2.73 | $19,110 | $25,702 | 10.7 years |
| 12 kW | $2.68 | $22,473 | $31,300 | 10.4 years |
| 14 kW | $2.62 | $25,684 | $37,052 | 10.2 years |
| 16 kW | $2.57 | $28,741 | $42,957 | 10.0 years |
| 18 kW | $2.51 | $31,646 | $49,015 | 9.8 years |
| 20 kW | $2.46 | $34,398 | $55,225 | 9.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- 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 substantial role in the company you opt for.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark 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 Hillsboro, IL Solar Cost FAQs
What is the average cost of installing solar panels in Hillsboro?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally 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 other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Hillsboro?
A solar panel system isn't free in Hillsboro, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
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 Hillsboro is currently $89,005, so you can expect a value of about $3,649 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Hillsboro is a rewarding investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.