Solar Panel Cost Guide in Machesney Park, IL (2023 Update)
- Machesney Park Solar Installation Cost: $12,460
- 25-Year Savings: $12,460
- Payback Period: 12.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Machesney Park
We go over average solar pricing in Machesney Park.
The average cost of a solar panel system in Machesney Park is 2.73 per watt. The average solar panel system size in Machesney Park is around 6.5 kilowatts, meaning a cost of about $12,460 for a solar installation, or $17,818 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy consumption and what company you go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $15,000 over 20 years on energy bills.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Machesney Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,463 |
| 3 years | $-9,469 |
| 5 years | $-7,476 |
| 7 years | $-5,482 |
| 9 years | $-3,489 |
| 11 years | $-1,495 |
| 13 years | $499 |
| 15 years | $2,492 |
| 17 years | $4,486 |
| 19 years | $6,479 |
| 21 years | $8,473 |
| 23 years | $10,467 |
| 25 years | $12,460 |
Top Solar Installers in Machesney Park
Many homeowners opt for a solar panel company since trying to put up solar panels on your own can be a labor-intensive endeavor. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some nearby:
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 Machesney Park
Factors that Affect Solar Panel Costs in Machesney Park
Cost is typically one of the most important factors for homeowners wanting 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 cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Machesney Park, 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 consumption, which you can determine by looking at past power bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. There are many different solar panel brands and the one you pick also affects the cost. In many cases, the brands that offer higher efficiency tend to also cost more. 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
If paying for solar panels out of pocket is difficult, solar loans are a popular choice because they reduce your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also increases your total costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Machesney Park, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Machesney Park have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 solar panel company you go with will influence 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 several important things you should keep in mind, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: It's important to read through your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Solar Panel Brands: Different companies will carry various brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Machesney Park, IL Solar Cost FAQs
How much does it cost to install solar panels in Machesney Park?
The average cost of solar panels in Machesney Park 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 things like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Machesney Park?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback 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 incentives 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 Machesney Park?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.