Solar Panel Cost Guide in Mahomet, IL (2023 Update)
- Mahomet Solar Installation Cost: $12,058
- 25-Year Savings: $13,219
- Payback Period: 11.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mahomet
Find out what the average cost of solar panel installation is in Mahomet.
The average cost of a solar panel system in Mahomet is 2.73 per watt. The average solar panel system size in Mahomet is around 6.3 kilowatts, meaning a cost of about $12,058 for a solar installation, or $17,243 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of going solar can vary depending on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. Despite the significant upfront cost, the average Mahomet homeowner can save about $15,000 on their power bills over 20 years, which is one of the positives of solar.
To get a free estimate from a top solar installation company in Mahomet, you can click the button below.
Solar savings over time in Mahomet
| Year | Return on Investment |
|---|---|
| 1 years | $-11,047 |
| 3 years | $-9,025 |
| 5 years | $-7,003 |
| 7 years | $-4,981 |
| 9 years | $-2,959 |
| 11 years | $-936 |
| 13 years | $1,086 |
| 15 years | $3,108 |
| 17 years | $5,130 |
| 19 years | $7,152 |
| 21 years | $9,174 |
| 23 years | $11,197 |
| 25 years | $13,219 |
Top Solar Installers in Mahomet
Installing solar panels yourself can be a dangerous undertaking, which is why getting a solar installation company is a good option for many homeowners. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Mahomet
Factors that Affect Solar Panel Costs in Mahomet
The cost of installing a solar system in Mahomet can vary by more than $10,000 from home to home. Your actual cost is dependent 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
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Mahomet average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies operating throughout Mahomet, and each can charge varying amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $12,102 | 12.4 years |
| 8 kW | $2.78 | $15,594 | $16,441 | 12.2 years |
| 10 kW | $2.73 | $19,110 | $20,934 | 11.9 years |
| 12 kW | $2.68 | $22,473 | $25,579 | 11.7 years |
| 14 kW | $2.62 | $25,684 | $30,378 | 11.5 years |
| 16 kW | $2.57 | $28,741 | $35,329 | 11.2 years |
| 18 kW | $2.51 | $31,646 | $40,433 | 11.0 years |
| 20 kW | $2.46 | $34,398 | $45,690 | 10.7 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Before signing a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 Mahomet, IL Solar Cost FAQs
How much does it cost to install solar panels in Mahomet?
This is a hard question to answer exactly, because the cost depends on a variety of 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. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Mahomet?
You can't get solar panels for free in Mahomet. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase your home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Mahomet?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.