Solar Panel Cost Guide in Lincoln, IL (2024 Update)
- Lincoln Solar Installation Cost: $16,651
- 25-Year Savings: $7,741
- Payback Period: 21.0 Years
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Average Cost of Solar Panels in Lincoln
Here’s how much it might cost to switch to solar power in Lincoln.
In Lincoln, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Lincoln, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs around $16,651, or $23,811 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average Lincoln homeowner. 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.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Lincoln can save about $12,000 on their power bills over 20 years.
Click the button below to get connected to a reputable solar company in Lincoln for a customized estimate.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-15,800 |
| 3 years | $-14,099 |
| 5 years | $-12,397 |
| 7 years | $-10,696 |
| 9 years | $-8,995 |
| 11 years | $-7,293 |
| 13 years | $-5,592 |
| 15 years | $-3,891 |
| 17 years | $-2,190 |
| 19 years | $-488 |
| 21 years | $1,213 |
| 23 years | $2,914 |
| 25 years | $4,616 |
Top Solar Installers in Lincoln
When making the switch to solar, many homeowners opt to use a solar company since overseeing your solar installation yourself can be a difficult project. The expertise that solar companies provide can be helpful as well, particularly if you don’t quite know what kind of solar equipment would be right for your home.
If you’d like to switch to solar energy but still aren’t certain which solar system company to go with, here are our recommendations 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 Lincoln
Factors that Affect Solar Panel Costs in Lincoln
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Lincoln: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $3,760 per kilowatt in Lincoln.There are a lot of different solar panel brands and the one you choose also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Lincoln to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time because of interest.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can impact the cost. Lincoln’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting 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 | $3.91 | $16,424 | $2,384 | 21.8 years |
| 8 kW | $3.84 | $21,477 | $3,600 | 21.4 years |
| 10 kW | $3.76 | $26,320 | $5,026 | 21.0 years |
| 12 kW | $3.68 | $30,952 | $6,663 | 20.6 years |
| 14 kW | $3.61 | $35,374 | $8,510 | 20.2 years |
| 16 kW | $3.53 | $39,585 | $10,568 | 19.7 years |
| 18 kW | $3.46 | $43,586 | $12,837 | 19.3 years |
| 20 kW | $3.38 | $47,376 | $15,316 | 18.9 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, including:
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and model 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.
- Contract: Before you sign 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 certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
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 Lincoln, IL Solar Cost FAQs
How much does it cost to install solar panels in Lincoln?
This is a difficult question to answer precisely, 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 more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider other than cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities 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.
How will installing solar panels impact my property value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 get between 20 and 35 panels to account for 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.