Solar Panel Cost Guide in Marion, IL (2023 Update)
- Marion Solar Installation Cost: $11,575
- 25-Year Savings: $13,847
- Payback Period: 11.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Marion
Let's take a look at the average cost of solar in Marion.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Marion, the average cost of a solar system is 2.73 per watt. The average Marion homeowner needs a 6.1-kilowatt system, which would cost about $11,581 with the federal tax credit, or $16,561 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. For most homeowners, the upfront investment in solar panels is worth paying. On average Marion homeowners see about $16,000 in savings on utility bills over 20 years.
Click the button below to get connected to a reputable solar company in Marion for a personalized quote.
Solar savings over time in Marion
| Year | Return on Investment |
|---|---|
| 1 years | $-10,725 |
| 3 years | $-9,023 |
| 5 years | $-7,322 |
| 7 years | $-5,621 |
| 9 years | $-3,920 |
| 11 years | $-2,218 |
| 13 years | $-517 |
| 15 years | $1,184 |
| 17 years | $2,886 |
| 19 years | $4,587 |
| 21 years | $6,288 |
| 23 years | $7,989 |
| 25 years | $9,691 |
Top Solar Installers in Marion
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Hiring a solar panel installer can make switching to solar power much easier. The expertise that solar installers offer can be invaluable as well, particularly if you don't quite know what type of solar equipment would be right for your home.
If you'd like to start using solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers nearby:
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 Marion
Factors that Affect Solar Panel Costs in Marion
There are a number of criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Marion, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Marion to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can affect the cost. Marion's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that offers the products, warranties and services you're looking for and also fit into your budget.
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 | $13,257 | 11.8 years |
| 8 kW | $2.78 | $15,594 | $17,982 | 11.6 years |
| 10 kW | $2.73 | $19,110 | $22,860 | 11.4 years |
| 12 kW | $2.68 | $22,473 | $27,891 | 11.2 years |
| 14 kW | $2.62 | $25,684 | $33,074 | 10.9 years |
| 16 kW | $2.57 | $28,741 | $38,411 | 10.7 years |
| 18 kW | $2.51 | $31,646 | $43,900 | 10.5 years |
| 20 kW | $2.46 | $34,398 | $49,542 | 10.2 years |
How to Save on Solar Panels
The solar company you opt for will impact not only your total 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 take into account, including:
- Reputation: Long-running companies likely have a high 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: Different companies have different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar company. Make sure you understand how the installation process will go and the project completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Marion, IL Solar Cost FAQs
What is the average cost of installing solar panels in Marion?
The average cost of solar panels in Marion 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 such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Marion?
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 option if you want to get the most savings.
Do solar panels increase the value of your home?
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% after installing solar panels."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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 account for 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.