Solar Panel Cost Guide in Lincolnshire, IL (2024 Update)
- Lincolnshire Solar Installation Cost: $16,643
- 25-Year Savings: $10,528
- Payback Period: 18.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Lincolnshire
Find out what the average cost of a solar system is in Lincolnshire.
The national average cost of solar panels is $2.66 per watt, but in Lincolnshire it’s 4 per watt.The average solar panel system size in Lincolnshire is around 6.3 kilowatts, meaning a cost of about $16,643 for a solar installation, or $23,799 before the 0 federal solar tax credit is applied.
The actual price you pay can go above or below the average in Lincolnshire depending on several factors, such as the type of solar panels you choose and the solar company you hire.Even with the significant upfront cost, the average Lincolnshire homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a pre-vetted solar installer in Lincolnshire that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lincolnshire
| Year | Return on Investment |
|---|---|
| 1 years | $-15,487 |
| 3 years | $-13,174 |
| 5 years | $-10,862 |
| 7 years | $-8,550 |
| 9 years | $-6,237 |
| 11 years | $-3,925 |
| 13 years | $-1,612 |
| 15 years | $700 |
| 17 years | $3,012 |
| 19 years | $5,325 |
| 21 years | $7,637 |
| 23 years | $9,949 |
| 25 years | $12,262 |
Top Solar Installers in Lincolnshire
When going solar, many homeowners prefer to go with a solar company since putting up a solar system yourself can be a challenging project. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives you can take advantage of and by providing warranties and repairs.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Lincolnshire:
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 Lincolnshire
Factors that Affect Solar Panel Costs in Lincolnshire
While the average cost of a solar system in Lincolnshire is $16,643, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar energy system in Lincolnshire, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $3,760 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lincolnshire, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Lincolnshire homeowners choose to finance their solar panel systems to offset upfront costs.Even though solar loans make adopting solar energy more accessible for Lincolnshire homeowners, they can also add to the total you pay for your system, depending on your interest rate. 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 remaining significant cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Lincolnshire, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and decide on the company that has the products, warranties and services you want and also fits within your budget.
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 | $5,032 | 19.1 years |
| 8 kW | $3.84 | $21,477 | $7,130 | 18.8 years |
| 10 kW | $3.76 | $26,320 | $9,439 | 18.4 years |
| 12 kW | $3.68 | $30,952 | $11,959 | 18.0 years |
| 14 kW | $3.61 | $35,374 | $14,689 | 17.7 years |
| 16 kW | $3.53 | $39,585 | $17,630 | 17.3 years |
| 18 kW | $3.46 | $43,586 | $20,781 | 16.9 years |
| 20 kW | $3.38 | $47,376 | $24,143 | 16.6 years |
How to Save on Solar Panels
The solar panel company you opt for will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Reputation: Your solar installer should have a sound 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you aren’t 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.
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 Lincolnshire, IL Solar Cost FAQs
How much does it cost to install solar panels in Lincolnshire?
The average cost of solar panels in Lincolnshire 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 stuff like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lincolnshire?
Leasing solar panels can be an attractive choice, because it typically 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 maximize your savings.
Is it worth going solar in Lincolnshire?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.