Solar Panel Cost Guide in Lincolnshire, IL (Feb 2023)
- Lincolnshire Solar Installation Cost: $12,078
- 25-Year Savings: $10,534
- Payback Period: 13.4 Years
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Top Solar Installers in Lincolnshire
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be challenging. The expertise that solar installers provide can be useful as well, especially if you aren't sure what brand of solar equipment you need.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in Lincolnshire
Factors that Affect Solar Panel Costs in Lincolnshire
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Lincolnshire: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
When it comes to estimating the cost of solar panels 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 primarily based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. 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. However, higher efficiency could save you more in the long run on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Lincolnshire average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Lincolnshire, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's crucial to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Lincolnshire is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, you'll have many options for solar installers that provide a range of services at different costs. Some companies only sell products with high efficiency and therefore a higher price point — 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 go with the company that provides the products, warranties and services you're looking for and also fit into 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||$2.84||$11,925||$9,531||13.9 years|
|8 kW||$2.78||$15,594||$13,014||13.6 years|
|10 kW||$2.73||$19,110||$16,649||13.4 years|
|12 kW||$2.68||$22,473||$20,438||13.1 years|
|14 kW||$2.62||$25,684||$24,379||12.8 years|
|16 kW||$2.57||$28,741||$28,473||12.6 years|
|18 kW||$2.51||$31,646||$32,721||12.3 years|
|20 kW||$2.46||$34,398||$37,121||12.0 years|
How to Save on Solar Panels
There are numerous companies available in Lincolnshire, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Before signing a contract with a solar company, make 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.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: When going solar, it's crucial to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the project timeline.
EcoWatch's Lincolnshire, IL Solar Cost FAQs
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.