Solar Panel Cost Guide in Machesney Park, IL (2024 Update)
- Machesney Park Solar Installation Cost: $17,167
- 25-Year Savings: $12,456
- Payback Period: 17.2 Years
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Average Cost of Solar Panels in Machesney Park
Find out what the average cost of solar panel installation is in Machesney Park.
In Machesney Park, solar panels cost about 4 per watt on average.The average Machesney Park homeowner needs a 6.5-kilowatt system, which would cost about $17,167 with the federal tax credit, or $24,549 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more.Despite the significant initial cost, the average Machesney Park homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Machesney Park
| Year | Return on Investment |
|---|---|
| 1 years | $-16,011 |
| 3 years | $-13,698 |
| 5 years | $-11,386 |
| 7 years | $-9,074 |
| 9 years | $-6,761 |
| 11 years | $-4,449 |
| 13 years | $-2,137 |
| 15 years | $176 |
| 17 years | $2,488 |
| 19 years | $4,801 |
| 21 years | $7,113 |
| 23 years | $9,425 |
| 25 years | $11,738 |
Top Solar Installers in Machesney Park
Trying to put up solar panels by yourself can be a dangerous undertaking, which is why getting a solar installer is a good option for many homeowners. Plus, if you’re not certain what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 Machesney Park
Factors that Affect Solar Panel Costs in Machesney Park
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall 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
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.The model of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are an affordable option because they cut back 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 all-in costs, so it’s vital to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can play a role in determining your pricing. Machesney Park’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and better 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 discount can bring their pricing down 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 | $3.91 | $16,424 | $6,500 | 17.9 years |
| 8 kW | $3.84 | $21,477 | $9,088 | 17.6 years |
| 10 kW | $3.76 | $26,320 | $11,887 | 17.2 years |
| 12 kW | $3.68 | $30,952 | $14,896 | 16.9 years |
| 14 kW | $3.61 | $35,374 | $18,116 | 16.5 years |
| 16 kW | $3.53 | $39,585 | $21,546 | 16.2 years |
| 18 kW | $3.46 | $43,586 | $25,187 | 15.8 years |
| 20 kW | $3.38 | $47,376 | $29,038 | 15.5 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Even though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Machesney Park, IL Solar Cost FAQs
What is the average cost of installing solar panels in Machesney Park?
The average cost of solar panels in Machesney Park is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Machesney Park?
Leasing solar panels can be an appealing choice, as 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $764.14 per year.
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 how much 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 install between 20 and 35 panels to cover 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.