Solar Panel Cost Guide in Hillsboro, IL (Mar 2023)
- Hillsboro Solar Installation Cost: $11,848
- 25-Year Savings: $15,914
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hillsboro
Find out what the average cost of installing solar panels is in Hillsboro.
While the national average of solar panels is $2.66 per watt, solar panels in Hillsboro generally cost around 2.73. Since a 6.2-kW system is needed to cover the energy costs of a typical home in Hillsboro, the average price of going solar will be about $11,848 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual 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 installation company you go with. For many homeowners, the upfront investment in solar power is worth paying. On average Hillsboro homeowners see about $17,000 in savings on utility bills over 20 years.
Click the button below to get connected to a highly rated solar installer in Hillsboro for a personalized quote.
Solar savings over time in Hillsboro
| Year | Return on Investment |
|---|---|
| 1 years | $-10,738 |
| 3 years | $-8,517 |
| 5 years | $-6,296 |
| 7 years | $-4,075 |
| 9 years | $-1,854 |
| 11 years | $367 |
| 13 years | $2,588 |
| 15 years | $4,809 |
| 17 years | $7,030 |
| 19 years | $9,251 |
| 21 years | $11,472 |
| 23 years | $13,693 |
| 25 years | $15,914 |
Top Solar Installers in Hillsboro
Installing solar panels on your own can be a time-consuming task, which is why using a solar installer is a good option for many homeowners. In addition, if you'd like to maximize your investment in solar power, using a solar company can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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 Hillsboro
Factors that Affect Solar Panel Costs in Hillsboro
While the average cost of a solar system in Hillsboro is $11,848, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Hillsboro. The type of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, 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 looking into a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Hillsboro homeowners opt to finance their solar panel systems to make going solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can influence the cost. Hillsboro's solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $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
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: If you're worried about the durability of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Before you sign a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
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 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.
Are solar panels free in Hillsboro?
A solar panel system isn't free in Hillsboro, 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 further reduce the cost.
Is going solar worth it?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How many solar panels should I get 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 install 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.