Solar Panel Cost Guide in Makanda, IL (2023 Update)
- Makanda Solar Installation Cost: $11,596
- 25-Year Savings: $14,870
- Payback Period: 11.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Makanda
Here's how much it might cost to switch to solar power in Makanda.
In Makanda, solar panels cost about 2.73 per watt on average. The average solar panel system size in Makanda is around 6.1 kilowatts, meaning a cost of about $11,600 for a solar installation, or $16,588 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 actual cost of installing solar panels can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with. But, once you've paid the initial cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $17,000 over 20 years on electricity bills.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Makanda
| Year | Return on Investment |
|---|---|
| 1 years | $-10,746 |
| 3 years | $-9,044 |
| 5 years | $-7,343 |
| 7 years | $-5,642 |
| 9 years | $-3,941 |
| 11 years | $-2,239 |
| 13 years | $-538 |
| 15 years | $1,163 |
| 17 years | $2,865 |
| 19 years | $4,566 |
| 21 years | $6,267 |
| 23 years | $7,969 |
| 25 years | $9,670 |
Top Solar Installers in Makanda
Although it's possible to install solar panels by yourself, it involves extra labor and expertise. For that reason, almost all homeowners choose a solar panel installer. Plus, if you'd like to maximize your investment in solar, opting for a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
If you're on the hunt for a solar company in Makanda, we've organized 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 Makanda
Factors that Affect Solar Panel Costs in Makanda
Even though the average cost of a solar system in Makanda is $11,600, your final cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar energy system you need, 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 nearly $2,730. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Makanda to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. However, the interest on solar loans also increases your overall costs, so it's vital to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you select will play a role in your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Makanda 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 help you save 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 | $14,244 | 11.4 years |
| 8 kW | $2.78 | $15,594 | $19,298 | 11.2 years |
| 10 kW | $2.73 | $19,110 | $24,504 | 11.0 years |
| 12 kW | $2.68 | $22,473 | $29,864 | 10.7 years |
| 14 kW | $2.62 | $25,684 | $35,376 | 10.5 years |
| 16 kW | $2.57 | $28,741 | $41,041 | 10.3 years |
| 18 kW | $2.51 | $31,646 | $46,859 | 10.1 years |
| 20 kW | $2.46 | $34,398 | $52,830 | 9.9 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose significantly impacts 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:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Makanda, IL Solar Cost FAQs
What is the average cost of installing solar panels in Makanda?
The average cost of solar panels in Makanda is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Makanda?
You can't get solar panels for free in Makanda. 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.
Does Makanda have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future electricity bills.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a 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 get 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.