Solar Panel Cost Guide in Lincoln, IL (2023 Update)
- Lincoln Solar Installation Cost: $12,097
- 25-Year Savings: $7,734
- Payback Period: 15.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lincoln
Find out what the average cost of solar panel installation is in Lincoln.
While the national average of solar panels is $2.66 per watt, solar panels in Lincoln typically cost about 2.73. The average Lincoln homeowner needs a 6.3-kilowatt system, which would cost about $12,097 with the federal tax credit, or $17,299 before the 30% tax credit is applied.
The true price you pay can go above or below the average in Lincoln depending on several factors, such as the model of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront cost of solar power is worth paying. On average Lincoln homeowners see about $12,000 in savings on electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-11,303 |
| 3 years | $-9,717 |
| 5 years | $-8,131 |
| 7 years | $-6,544 |
| 9 years | $-4,958 |
| 11 years | $-3,371 |
| 13 years | $-1,785 |
| 15 years | $-198 |
| 17 years | $1,388 |
| 19 years | $2,974 |
| 21 years | $4,561 |
| 23 years | $6,147 |
| 25 years | $7,734 |
Top Solar Installers in Lincoln
Installing solar panels on your own can be a difficult task, which is why getting a solar installation company is a good option for many homeowners. Also, if you'd like to maximize your investment in solar, opting for a solar company can help with that as well. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lincoln
Factors that Affect Solar Panel Costs in Lincoln
Even though the average cost of a solar system in Lincoln is $12,097, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,730. The type of 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 over time on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Lincoln average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Lincoln homeowners opt to finance their solar panel systems to make going solar more affordable. Although solar loans make switching to solar energy more accessible for Lincoln homeowners, they can also raise 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 panel installer you choose will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to 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 discount can bring their pricing lower to compete with bigger names.
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 brand of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 like the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is it worth going solar in Lincoln?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily 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 buy 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.