Solar Panel Cost Guide in Homer, IL (2023 Update)
- Homer Solar Installation Cost: $12,341
- 25-Year Savings: $10,271
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Homer
We break down average solar pricing in Homer.
Although the national average of solar panels is $2.66 per watt, solar panels in Homer typically cost about 2.73. Because a 6.5-kW system is needed to cover the energy needs of a typical home in Homer, the average price of going solar will be about $12,345 after claiming the federal solar tax credit of 30%.
The true cost of your system can go higher or lower than the average in Homer based on a few factors, such as the type of solar panels you choose and the solar company you hire. Many homeowners find going solar is a fruitful investment. The average homeowner in Homer can save about $13,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar company in Homer for a customized quote.
Solar savings over time in Homer
| Year | Return on Investment |
|---|---|
| 1 years | $-12,266 |
| 3 years | $-12,115 |
| 5 years | $-11,964 |
| 7 years | $-11,814 |
| 9 years | $-11,663 |
| 11 years | $-11,512 |
| 13 years | $-11,361 |
| 15 years | $-11,211 |
| 17 years | $-11,060 |
| 19 years | $-10,909 |
| 21 years | $-10,758 |
| 23 years | $-10,608 |
| 25 years | $-10,457 |
Top Solar Installers in Homer
Putting up solar panels by yourself can be a time-consuming project, which is why using a solar installer is a good option for many homeowners. The expertise that solar companies offer can be invaluable as well, particularly if you aren't sure what type of solar equipment would be right for your home.
You can work with a local solar installer to get a free quote on how much your investment in solar 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 Homer
Factors that Affect Solar Panel Costs in Homer
There are many factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Homer, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, extra products, like solar batteries, can bring your total well above the Homer average.
Solar Financing Terms
Most solar companies in Homer offer solar loans, which reduce the initial cost of installing solar panels. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating in Homer, and each can charge varying amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to 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 | $2.84 | $11,925 | $9,083 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,417 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $15,904 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,543 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,335 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,280 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,378 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,629 | 12.3 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 pick the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which company you should go with, since different companies offer different panels.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Homer, IL Solar Cost FAQs
How much does it cost to install solar panels in Homer?
This is a tough question to answer exactly, because the cost depends on a variety of 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. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-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 consider when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Homer have a net metering program?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.