Solar Panel Cost Guide in Marshall, IL (2024 Update)
- Marshall Solar Installation Cost: $16,536
- 25-Year Savings: $11,548
- Payback Period: 17.6 Years
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Average Cost of Solar Panels in Marshall
Let’s have a look at the average cost of solar in Marshall.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Marshall, the typical cost of solar panels is 4 per watt.Since a 6.3-kW system is needed to cover the energy consumption of a typical home in Marshall, the average price of going solar will be about $16,536 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what installation company you go with.For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Marshall
| Year | Return on Investment |
|---|---|
| 1 years | $-15,685 |
| 3 years | $-13,984 |
| 5 years | $-12,283 |
| 7 years | $-10,582 |
| 9 years | $-8,880 |
| 11 years | $-7,179 |
| 13 years | $-5,478 |
| 15 years | $-3,776 |
| 17 years | $-2,075 |
| 19 years | $-374 |
| 21 years | $1,327 |
| 23 years | $3,029 |
| 25 years | $4,730 |
Top Solar Installers in Marshall
Many homeowners choose to use a solar installation company since installing solar panels yourself can be a lot of work. Another benefit of utilizing a solar company is that they can help you make the most of your investment by bringing down your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
If you’d like to switch to solar energy but still aren’t certain which solar panel installer to go with, here are our recommendations for providers near you:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Marshall
Factors that Affect Solar Panel Costs in Marshall
Though the average cost of a solar system in Marshall is $16,536, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,760. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Marshall homeowners decide to finance their solar panel systems to make paying for solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can affect the cost. Marshall’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $3.91 | $16,424 | $6,070 | 18.3 years |
| 8 kW | $3.84 | $21,477 | $8,515 | 17.9 years |
| 10 kW | $3.76 | $26,320 | $11,170 | 17.6 years |
| 12 kW | $3.68 | $30,952 | $14,036 | 17.2 years |
| 14 kW | $3.61 | $35,374 | $17,112 | 16.8 years |
| 16 kW | $3.53 | $39,585 | $20,399 | 16.5 years |
| 18 kW | $3.46 | $43,586 | $23,896 | 16.1 years |
| 20 kW | $3.38 | $47,376 | $27,604 | 15.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Contract: When looking through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Marshall, IL Solar Cost FAQs
How much does it cost to install solar panels in Marshall?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra 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 expensive solar panels.
Is it better to lease or buy solar panels in Marshall?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home 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 savings from going solar.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Marshall, that will require at least a 10-kW system. Not all homes 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 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 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 buy 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.