Solar Panel Cost Guide in Lincoln, IL (2023 Update)
- Lincoln Solar Installation Cost: $12,089
- 25-Year Savings: $7,741
- Payback Period: 15.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lincoln
Let's have a look at the average cost of solar in Lincoln.
In Lincoln, solar panels cost about 2.73 per watt on average. Since a 6.3-kW system is needed to cover the energy needs of a typical home in Lincoln, the average price of going solar will be about $12,097 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of making the switch to solar can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what solar installer you go with. Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Lincoln can save around $12,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar company in your area for a personalized estimate.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-12,023 |
| 3 years | $-11,891 |
| 5 years | $-11,759 |
| 7 years | $-11,627 |
| 9 years | $-11,494 |
| 11 years | $-11,362 |
| 13 years | $-11,230 |
| 15 years | $-11,098 |
| 17 years | $-10,966 |
| 19 years | $-10,833 |
| 21 years | $-10,701 |
| 23 years | $-10,569 |
| 25 years | $-10,437 |
Top Solar Installers in Lincoln
When switching to solar energy, many homeowners opt to use a solar installation company since DIY solar panel installation can be a challenging project. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives and by providing warranties and repairs.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
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 Lincoln
Factors that Affect Solar Panel Costs in Lincoln
For many Lincoln homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Lincoln, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Lincoln, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Lincoln provide solar loans, which reduce the initial cost of installing solar. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Lincoln, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Lincoln know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 | $2.84 | $11,925 | $6,883 | 15.9 years |
| 8 kW | $2.78 | $15,594 | $9,483 | 15.5 years |
| 10 kW | $2.73 | $19,110 | $12,236 | 15.2 years |
| 12 kW | $2.68 | $22,473 | $15,142 | 14.9 years |
| 14 kW | $2.62 | $25,684 | $18,201 | 14.6 years |
| 16 kW | $2.57 | $28,741 | $21,412 | 14.3 years |
| 18 kW | $2.51 | $31,646 | $24,777 | 14.0 years |
| 20 kW | $2.46 | $34,398 | $28,294 | 13.7 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 select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Solar Panel Brands: The brand of solar panel you want to get plays a part in which installer you should go with, since different companies have different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lincoln, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lincoln?
The average cost of solar panels in Lincoln is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lincoln?
Solar panels aren't free in Lincoln, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Lincoln?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.