Solar Panel Cost Guide in Inverness, IL (2024 Update)

  • Inverness Solar Installation Cost: $16,818
  • 25-Year Savings: $10,400
  • Payback Period: 18.6 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Inverness

Let’s take a look at the average cost of solar panels in Inverness.

The national average cost of solar panels is $2.66 per watt, but in Inverness it’s 4 per watt.To cover the typical energy usage of the average home in Inverness, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,818, or $24,050 before the federal solar tax credit of 0 is applied.

Keep in mind that the figures above are only estimates based on the average energy use of Inverness homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Even with the significant upfront cost, the average Inverness homeowner can save about $13,000 on their power bills over 20 years, which is one of the benefits of solar.

You can click the button below to get connected with a pre-vetted solar installer in Inverness that can help you get a more accurate cost estimate for your home.

Solar savings over time in Inverness

Year Return on Investment
1 years $-15,662
3 years $-13,350
5 years $-11,038
7 years $-8,725
9 years $-6,413
11 years $-4,100
13 years $-1,788
15 years $524
17 years $2,837
19 years $5,149
21 years $7,461
23 years $9,774
25 years $12,086

Top Solar Installers in Inverness

Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make your switch to solar power much easier. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be best for your family.

If you're searching for a solar installer in Inverness, the EcoWatch team has put together a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Inverness

Factors that Affect Solar Panel Costs in Inverness

Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Inverness: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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, more efficient panels could save you more in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Inverness average.

Solar Financing Terms

Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Inverness homeowners choose to finance their solar panel systems to make paying for solar more affordable.Though solar loans make going solar more accessible for Inverness homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Inverness, you’ll have many options to choose from, but each comes at various price points for labor and equipment.The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and better 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 lower 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 $4,808 19.3 years
8 kW $3.84 $21,477 $6,832 19.0 years
10 kW $3.76 $26,320 $9,066 18.6 years
12 kW $3.68 $30,952 $11,511 18.2 years
14 kW $3.61 $35,374 $14,166 17.9 years
16 kW $3.53 $39,585 $17,032 17.5 years
18 kW $3.46 $43,586 $20,109 17.1 years
20 kW $3.38 $47,376 $23,396 16.7 years

How to Save on Solar Panels

Since the type of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:

  • Reputation: Your solar installer should have a sound 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 good reviews from previous customers.
  • Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of options before making your decision.
  • Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Inverness, IL Solar Cost FAQs

How much does it cost to install solar panels in Inverness?

This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.

Should I lease or buy solar panels in Inverness?

Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.

How will solar panels impact my property value?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Inverness is currently $704,777, so you can look forward to a value of about $28,896 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Inverness is a rewarding investment.

How long do solar panels last in Inverness?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.

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