Solar Panel Cost Guide in Mattoon, IL (2023 Update)
- Mattoon Solar Installation Cost: $11,997
- 25-Year Savings: $13,877
- Payback Period: 11.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Mattoon
Find out what the average cost of solar panel installation is in Mattoon.
The national average cost of solar panels is $2.66 per watt, but in Mattoon it's 2.73 per watt. Because a 6.3-kW system is needed to cover the energy needs of a typical home in Mattoon, the average price of going solar will be about $12,001 after claiming the federal solar tax credit of 30%.
These figures are only averages, and the cost of going solar for you may look different based on the amount of energy your home requires and what company you go with. Many homeowners find going solar is a sound investment. The average homeowner in Mattoon can save around $16,000 on their energy bills over 20 years.
To receive a free estimate from a top solar company in Mattoon, you can click the button below.
Solar savings over time in Mattoon
| Year | Return on Investment |
|---|---|
| 1 years | $-11,910 |
| 3 years | $-11,738 |
| 5 years | $-11,565 |
| 7 years | $-11,393 |
| 9 years | $-11,220 |
| 11 years | $-11,048 |
| 13 years | $-10,875 |
| 15 years | $-10,703 |
| 17 years | $-10,530 |
| 19 years | $-10,358 |
| 21 years | $-10,185 |
| 23 years | $-10,013 |
| 25 years | $-9,840 |
Top Solar Installers in Mattoon
When switching to solar energy, many homeowners choose to go with a solar company since DIY solar panel installation can be a challenging project. Plus, if you're unsure what type of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some in Mattoon:
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 Mattoon
Factors that Affect Solar Panel Costs in Mattoon
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Mattoon: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Mattoon homeowners opt to finance their solar panel systems to make going solar more affordable. Though solar loans make adopting solar energy more accessible for Mattoon homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can impact the cost. Mattoon's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-quality, high-efficiency and high-price products — 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 provides the products, warranties and services you're looking for and also is 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 | $2.84 | $11,925 | $12,805 | 12.1 years |
| 8 kW | $2.78 | $15,594 | $17,378 | 11.8 years |
| 10 kW | $2.73 | $19,110 | $22,105 | 11.6 years |
| 12 kW | $2.68 | $22,473 | $26,985 | 11.4 years |
| 14 kW | $2.62 | $25,684 | $32,018 | 11.1 years |
| 16 kW | $2.57 | $28,741 | $37,203 | 10.9 years |
| 18 kW | $2.51 | $31,646 | $42,541 | 10.7 years |
| 20 kW | $2.46 | $34,398 | $48,033 | 10.4 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- 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 completed and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: It's important to read through your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Mattoon, IL Solar Cost FAQs
What is the average cost of installing solar panels in Mattoon?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Mattoon?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is going solar worth it?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Though 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 decide 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.