Solar Panel Cost Guide in Knox, IL (2023 Update)
- Knox Solar Installation Cost: $12,192
- 25-Year Savings: $10,121
- Payback Period: 13.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Knox
See how much it might cost to make the switch to solar in Knox.
The national average cost of solar panels is $2.66 per watt, but in Knox it's 2.73 per watt. The average solar panel system size in Knox is around 6.4 kilowatts, meaning a cost of about $12,192 for a solar installation, or $17,435 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Knox homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $13,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Knox that can help you get a more accurate cost estimate for your home.
Solar savings over time in Knox
| Year | Return on Investment |
|---|---|
| 1 years | $-11,300 |
| 3 years | $-9,515 |
| 5 years | $-7,730 |
| 7 years | $-5,945 |
| 9 years | $-4,160 |
| 11 years | $-2,375 |
| 13 years | $-590 |
| 15 years | $1,195 |
| 17 years | $2,980 |
| 19 years | $4,766 |
| 21 years | $6,551 |
| 23 years | $8,336 |
| 25 years | $10,121 |
Top Solar Installers in Knox
When going solar, many homeowners prefer to hire a solar installer since DIY solar panel installation can be a challenging project. Plus, if you're not certain what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
If you'd like to go solar but still aren't sure which solar system company to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Knox
Factors that Affect Solar Panel Costs in Knox
The cost of installing a solar system in Knox can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest 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 energy system you need for your household, 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 about $2,730. The kind of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You'll also need to make decisions 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 researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Knox to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time due to interest. Although solar loans make adopting solar energy more accessible for Knox homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies in Knox, and each can charge different amounts for labor and equipment. Additionally, some companies in Knox are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $9,060 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,386 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $15,865 | 13.7 years |
| 12 kW | $2.68 | $22,473 | $19,497 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,281 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,219 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,309 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,552 | 12.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The kind of solar panel you want plays a part in which company you should opt for, since different companies provide different panels.
- 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.
- Contract: Before signing a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two 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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Knox, IL Solar Cost FAQs
What is the average cost of installing solar panels in Knox?
This is a tough question to answer precisely, because the cost depends on many 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Knox?
Solar panels aren't free in Knox, 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.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $699.50 per year.
How long do solar panels last in Knox?
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 their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using 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.