Solar Panel Cost Guide in Machesney Park, IL (2023 Update)
- Machesney Park Solar Installation Cost: $12,464
- 25-Year Savings: $12,456
- Payback Period: 12.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Machesney Park
See how much it might cost to go solar in Machesney Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Machesney Park, the typical cost of solar panels is 2.73 per watt. The average Machesney Park homeowner needs a 6.5-kilowatt system, which would cost about $12,460 with the federal tax credit, or $17,818 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you want, your solar contractor and more. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $15,000 in savings on utility bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Machesney Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,308 |
| 3 years | $-8,996 |
| 5 years | $-6,683 |
| 7 years | $-4,371 |
| 9 years | $-2,059 |
| 11 years | $254 |
| 13 years | $2,566 |
| 15 years | $4,878 |
| 17 years | $7,191 |
| 19 years | $9,503 |
| 21 years | $11,816 |
| 23 years | $14,128 |
| 25 years | $16,440 |
Top Solar Installers in Machesney Park
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make switching to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're looking for a solar installer in Machesney Park, the EcoWatch team has compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Machesney Park
Factors that Affect Solar Panel Costs in Machesney Park
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that affect your total cost in Machesney Park: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,730. There are several different solar panel brands and the one you pick also affects the cost. In general, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Machesney Park homeowners choose to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, 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
The solar panel installation company you select will impact your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Machesney Park know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $11,000 | 13.0 years |
| 8 kW | $2.78 | $15,594 | $14,972 | 12.8 years |
| 10 kW | $2.73 | $19,110 | $19,097 | 12.5 years |
| 12 kW | $2.68 | $22,473 | $23,375 | 12.3 years |
| 14 kW | $2.62 | $25,684 | $27,806 | 12.0 years |
| 16 kW | $2.57 | $28,741 | $32,390 | 11.8 years |
| 18 kW | $2.51 | $31,646 | $37,126 | 11.5 years |
| 20 kW | $2.46 | $34,398 | $42,016 | 11.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
- Warranty: If you're concerned about the durability of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: The kind of solar panel you'd like to get plays a role in which installer you should go with, since different companies provide different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Machesney Park, IL Solar Cost FAQs
What is the average cost of installing solar panels in Machesney Park?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Machesney Park?
You can't get solar panels for free in Machesney Park. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact the value of my home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Machesney Park is currently $121,892, which means you can expect a value of about $4,998 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Machesney Park is a fruitful investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.