Solar Panel Cost Guide in Mattoon, IL (2024 Update)
- Mattoon Solar Installation Cost: $16,523
- 25-Year Savings: $13,877
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Mattoon
Find out what the average cost of a solar system is in Mattoon.
The national average cost of solar panels is $2.66 per watt, but in Mattoon it’s 4 per watt.The average Mattoon homeowner needs a 6.3-kilowatt system, which would cost about $16,523 with the federal tax credit, or $23,628 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what installation company you go with.With typical savings of about $16,000 on utility bills over 20 years, many homeowners in Mattoon find investing in solar has a decent ROI.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Mattoon
| Year | Return on Investment |
|---|---|
| 1 years | $-15,672 |
| 3 years | $-13,971 |
| 5 years | $-12,270 |
| 7 years | $-10,568 |
| 9 years | $-8,867 |
| 11 years | $-7,166 |
| 13 years | $-5,465 |
| 15 years | $-3,763 |
| 17 years | $-2,062 |
| 19 years | $-361 |
| 21 years | $1,341 |
| 23 years | $3,042 |
| 25 years | $4,743 |
Top Solar Installers in Mattoon
Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be hard. The expertise that solar installers offer can be helpful as well, especially if you aren’t sure what brand of solar equipment you need.
If you're looking for a solar company in Mattoon, the EcoWatch team has 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
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 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 Mattoon
Factors that Affect Solar Panel Costs in Mattoon
Though the average cost of a solar system in Mattoon is $16,523, your actual cost may differ. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $3,760 per kilowatt in Mattoon.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Mattoon average.
Solar Financing Terms
Most solar installers in Mattoon provide solar loans, which reduce your upfront costs of installing a solar system.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you pick will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor.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 come at a higher cost. It’s best to do some research and decide on the company that has the products, warranties and services you’re looking for and also fits within 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 | $3.91 | $16,424 | $8,306 | 16.6 years |
| 8 kW | $3.84 | $21,477 | $11,495 | 16.3 years |
| 10 kW | $3.76 | $26,320 | $14,895 | 16.0 years |
| 12 kW | $3.68 | $30,952 | $18,506 | 15.6 years |
| 14 kW | $3.61 | $35,374 | $22,327 | 15.3 years |
| 16 kW | $3.53 | $39,585 | $26,359 | 15.0 years |
| 18 kW | $3.46 | $43,586 | $30,602 | 14.7 years |
| 20 kW | $3.38 | $47,376 | $35,055 | 14.4 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: The type of solar panel you need plays a role in which company you should choose, since different companies have access to different panels.
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 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 Mattoon, IL Solar Cost FAQs
What is the average cost of installing solar panels in Mattoon?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Mattoon?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of 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 savings from going solar.
Do solar panels increase your home value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t go 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 long do solar panels last in Mattoon?
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 the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use 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.