Solar Panel Cost Guide in Marion, IL (Mar 2023)
- Marion Solar Installation Cost: $11,581
- 25-Year Savings: $13,842
- Payback Period: 11.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Marion
We break down average solar pricing in Marion.
The average cost of solar panels in Marion is 2.73 per watt. Using this figure, a typical 6.1-kW system would cost about $11,581 before the 30% federal solar tax credit is applied.
The true price you pay can go above or below the average in Marion based on a few factors, such as the type of solar panels you choose and the solar company you hire. With typical savings of about $16,000 on utility bills over 20 years, many homeowners in Marion find investing in solar can be quite rewarding.
To get a free estimate from a vetted solar installation company in Marion, you can click the button below.
Solar savings over time in Marion
| Year | Return on Investment |
|---|---|
| 1 years | $-10,564 |
| 3 years | $-8,530 |
| 5 years | $-6,496 |
| 7 years | $-4,462 |
| 9 years | $-2,429 |
| 11 years | $-395 |
| 13 years | $1,639 |
| 15 years | $3,673 |
| 17 years | $5,707 |
| 19 years | $7,740 |
| 21 years | $9,774 |
| 23 years | $11,808 |
| 25 years | $13,842 |
Top Solar Installers in Marion
When going solar, many homeowners choose to go with a solar installation company since overseeing your solar installation yourself can be a challenging project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
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 Marion
Factors that Affect Solar Panel Costs in Marion
There are many criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The kind of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment consists of 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 looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over five to seven years on average. It's a good idea 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies operating in Marion, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $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
Since the model of solar panels and the company you choose significantly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: The kind of solar panel you want plays a part in which installer you should opt for, since different companies provide different panels.
- Contract: Look through the contract terms closely to make sure you understand the total cost, project timeline incentives and warranties.
- Installation Process: When making the switch to solar power, it's crucial to keep an open line of communication with your solar company. Make sure you understand how the installation process works 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 (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 Marion, IL Solar Cost FAQs
How much does it cost to install 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Marion?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can solar panels completely eradicate my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Marion, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Although 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 opt to replace them after having them for that long or you can keep using 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.