Solar Panel Cost Guide in Ludlow, IL (2023 Update)
- Ludlow Solar Installation Cost: $12,058
- 25-Year Savings: $14,003
- Payback Period: 11.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Ludlow
Let's take a look at the average cost of solar in Ludlow.
The average cost of solar panels in Ludlow is 2.73 per watt. The average Ludlow homeowner needs a 6.3-kilowatt system, which would cost about $12,058 with the federal tax credit, or $17,243 before the 30% tax credit is applied.
These figures are only estimates, and how much solar costs for you will most likely look different based on the amount of energy your home requires and what company you want to go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Ludlow can save around $16,000 on their energy bills over 20 years.
To get a free quote from a pre-vetted solar company in Ludlow, you can click the button below.
Solar savings over time in Ludlow
| Year | Return on Investment |
|---|---|
| 1 years | $-11,016 |
| 3 years | $-8,931 |
| 5 years | $-6,846 |
| 7 years | $-4,761 |
| 9 years | $-2,676 |
| 11 years | $-592 |
| 13 years | $1,493 |
| 15 years | $3,578 |
| 17 years | $5,663 |
| 19 years | $7,748 |
| 21 years | $9,833 |
| 23 years | $11,918 |
| 25 years | $14,003 |
Top Solar Installers in Ludlow
Although it's possible to install solar panels on your own, it involves extra time and expertise. That's why almost all homeowners choose to go with a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you pick which one will be right for you.
There are a number of 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Ludlow
Factors that Affect Solar Panel Costs in Ludlow
The cost of installing a solar system in Ludlow can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Ludlow, 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 figure out by looking at past energy bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your energy bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Ludlow average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Ludlow, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installation company you pick will play a role in your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. The company's size sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and bulk 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 promotion can bring their pricing lower to compete with bigger companies.
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 | $12,847 | 12.0 years |
| 8 kW | $2.78 | $15,594 | $17,435 | 11.8 years |
| 10 kW | $2.73 | $19,110 | $22,176 | 11.6 years |
| 12 kW | $2.68 | $22,473 | $27,069 | 11.3 years |
| 14 kW | $2.62 | $25,684 | $32,116 | 11.1 years |
| 16 kW | $2.57 | $28,741 | $37,315 | 10.9 years |
| 18 kW | $2.51 | $31,646 | $42,668 | 10.6 years |
| 20 kW | $2.46 | $34,398 | $48,173 | 10.4 years |
How to Save on Solar Panels
The solar installer you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Solar Panel Brands: The kind of solar panel you'd like to install plays a role in which installer you should go with, since different companies provide different panels.
- Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Ludlow, IL Solar Cost FAQs
What is the average cost of installing solar panels in Ludlow?
The average cost of solar panels in Ludlow 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 certain factors such as 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 Ludlow?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will 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 choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption 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.