Solar Panel Cost Guide in Marengo, IL (2024 Update)
- Marengo Solar Installation Cost: $17,168
- 25-Year Savings: $10,147
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Marengo
Find out what the average cost of solar panels are in Marengo.
While the national average of solar panels is $2.66 per watt, solar panels in Marengo generally cost about 4.To account for the typical energy usage of the average home in Marengo, most homeowners require a 6.5-kilowatt system. Using the figure above, a solar installation costs around $17,168, or $24,550 before the federal solar tax credit of 0 is applied.
These figures are just estimates, and how much solar costs for you will vary based on your specific situation and what company you go with.With average savings of about $13,000 on energy bills over 20 years, many homeowners in Marengo find installing solar panels can be quite rewarding.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Marengo
| Year | Return on Investment |
|---|---|
| 1 years | $-16,012 |
| 3 years | $-13,700 |
| 5 years | $-11,387 |
| 7 years | $-9,075 |
| 9 years | $-6,762 |
| 11 years | $-4,450 |
| 13 years | $-2,138 |
| 15 years | $175 |
| 17 years | $2,487 |
| 19 years | $4,799 |
| 21 years | $7,112 |
| 23 years | $9,424 |
| 25 years | $11,736 |
Top Solar Installers in Marengo
When going solar, many homeowners choose to hire a solar installation company since DIY solar panel installation can be a challenging project. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you’d like to make the switch to solar but still aren’t certain which solar system company to go with, here are our recommendations for providers nearby:
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 Marengo
Factors that Affect Solar Panel Costs in Marengo
The cost of installing a solar system in Marengo can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $3,760 per kilowatt in Marengo.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Marengo, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your total costs, so it’s crucial to keep that in mind 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
A final consideration when trying to estimate the cost of solar for your home or business in Marengo is the company you choose to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, you’ll have no shortage of solar installers that offer a range of services at different costs.Additionally, some companies in Marengo are more knowledgeable about local solar incentives and can help you make good use 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 | $3.91 | $16,424 | $4,375 | 19.7 years |
| 8 kW | $3.84 | $21,477 | $6,255 | 19.4 years |
| 10 kW | $3.76 | $26,320 | $8,345 | 19.0 years |
| 12 kW | $3.68 | $30,952 | $10,646 | 18.6 years |
| 14 kW | $3.61 | $35,374 | $13,157 | 18.2 years |
| 16 kW | $3.53 | $39,585 | $15,879 | 17.8 years |
| 18 kW | $3.46 | $43,586 | $18,812 | 17.5 years |
| 20 kW | $3.38 | $47,376 | $21,955 | 17.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, 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 based on their roof configurations and energy needs. While there are many options for which type 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 options before making your decision.
- Installation Process: When making the switch to solar, it’s crucial to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the project completion timeline.
- Contract: Before signing a contract with a solar company, be sure to read it through carefully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Marengo, IL Solar Cost FAQs
How much does it cost to install solar panels in Marengo?
The average cost of solar panels in Marengo is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Marengo?
Leasing solar panels can be an attractive choice, because it commonly 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 option if you want to maximize your savings.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $693.31 per year.
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 house 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.