Solar Panel Cost Guide in Homer, IL (2024 Update)
- Homer Solar Installation Cost: $16,997
- 25-Year Savings: $10,271
- Payback Period: 18.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Homer
Here’s how much it might cost to go solar in Homer.
The national average cost of solar panels is $2.66 per watt, but in Homer it’s 4 per watt.To account for the typical energy usage of the average home in Homer, most homeowners require a 6.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,997, or $24,306 before the federal solar tax credit of 0 is applied.
How much you pay can be above or below the average in Homer based on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.But, once you've paid the initial cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $13,000 over 20 years on power bills.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Homer
| Year | Return on Investment |
|---|---|
| 1 years | $-15,841 |
| 3 years | $-13,529 |
| 5 years | $-11,216 |
| 7 years | $-8,904 |
| 9 years | $-6,592 |
| 11 years | $-4,279 |
| 13 years | $-1,967 |
| 15 years | $345 |
| 17 years | $2,658 |
| 19 years | $4,970 |
| 21 years | $7,282 |
| 23 years | $9,595 |
| 25 years | $11,907 |
Top Solar Installers in Homer
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using an installer can make converting to solar power much easier. Another great thing about using a reliable solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Homer
Factors that Affect Solar Panel Costs in Homer
The cost of installing a solar system in Homer can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,760. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Homer, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Homer have solar loans, which reduce the initial cost of installing solar panels.You’ll have to consider the long-term cost of loans, including the total 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 more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Homer is the company you choose to install your PV system. As with choosing a company to install new cabinets, for instance, there’s no shortage of solar installers that provide a range of services for different budgets.The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and bulk 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 down 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 | $4,584 | 19.5 years |
| 8 kW | $3.84 | $21,477 | $6,534 | 19.2 years |
| 10 kW | $3.76 | $26,320 | $8,694 | 18.8 years |
| 12 kW | $3.68 | $30,952 | $11,064 | 18.4 years |
| 14 kW | $3.61 | $35,374 | $13,645 | 18.0 years |
| 16 kW | $3.53 | $39,585 | $16,436 | 17.7 years |
| 18 kW | $3.46 | $43,586 | $19,438 | 17.3 years |
| 20 kW | $3.38 | $47,376 | $22,651 | 16.9 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before signing a contract with a solar company, make sure you read it through fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: If you care about the durability of your solar system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Your solar installer should have a sound reputation as a company and have proven 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 past customers.
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 Homer, IL Solar Cost FAQs
What is the average cost of installing solar panels in Homer?
The average cost of solar panels in Homer is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Homer?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Homer, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.