Solar Panel Cost Guide in Knox, IL (2024 Update)
- Knox Solar Installation Cost: $16,791
- 25-Year Savings: $10,121
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Knox
Find out what the average cost of solar panels are in Knox.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Knox, the average cost of solar panels is 4 per watt.Because a 6.4-kW system is needed to cover the energy needs of a typical home in Knox, the average price of going solar will be about $16,791 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of equipment you want to get, your solar contractor and more.But, once you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $13,000 over 20 years on electricity bills.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Knox
| Year | Return on Investment |
|---|---|
| 1 years | $-15,940 |
| 3 years | $-14,239 |
| 5 years | $-12,538 |
| 7 years | $-10,837 |
| 9 years | $-9,135 |
| 11 years | $-7,434 |
| 13 years | $-5,733 |
| 15 years | $-4,031 |
| 17 years | $-2,330 |
| 19 years | $-629 |
| 21 years | $1,073 |
| 23 years | $2,774 |
| 25 years | $4,475 |
Top Solar Installers in Knox
Although it's possible to install solar panels on your own, it takes extra time and know-how. That's why almost all homeowners choose to go with a solar panel installer. Plus, if you aren’t sure what kind of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you’d like to start using solar energy but still aren’t certain which solar panel installer to go with, here are our suggestions for providers near you:
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 Knox
Factors that Affect Solar Panel Costs in Knox
There are several factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,760.There are several different solar panel brands and the one you choose also changes the cost. In many cases, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Knox have solar loans, which reduce the initial cost of installing solar panels.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can play a part in determining the cost. Knox’s solar companies all have different labor costs and add varying upcharges to 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 help you save 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 | $3.91 | $16,424 | $4,561 | 19.6 years |
| 8 kW | $3.84 | $21,477 | $6,503 | 19.2 years |
| 10 kW | $3.76 | $26,320 | $8,655 | 18.8 years |
| 12 kW | $3.68 | $30,952 | $11,018 | 18.4 years |
| 14 kW | $3.61 | $35,374 | $13,591 | 18.1 years |
| 16 kW | $3.53 | $39,585 | $16,375 | 17.7 years |
| 18 kW | $3.46 | $43,586 | $19,369 | 17.3 years |
| 20 kW | $3.38 | $47,376 | $22,574 | 16.9 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
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 Knox, IL Solar Cost FAQs
How much does it cost to install solar panels in Knox?
The average cost of solar panels in Knox is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Knox?
Leasing solar panels can be an appealing choice, because it usually 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.
Does Knox have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
How long do solar panels last in Knox?
Although 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 opt to replace them after having 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.