Solar Panel Cost Guide in Melrose, IL (Dec 2022)

  • Melrose Solar Installation Cost: $11,925
  • 25-Year Savings: $16,276
  • Payback Period: 10.6 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Melrose

We break down average solar pricing in Melrose.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Melrose, the average cost of a solar system is $3 per watt. To account for the typical energy usage of the average home in Melrose, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,925, or $8,824 after the federal solar tax credit of 30% is applied.

These figures are only estimates, and the cost of going solar for you will vary based on your energy needs and what company you want to go with. But, after you've paid the initial cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $17,000 over 20 years on electricity bills.

To receive a free estimate from a vetted solar installation company in Melrose, you can click the button below.

Solar savings over time in Melrose

Year Return on Investment
1 years $-10,797
3 years $-8,541
5 years $-6,285
7 years $-4,028
9 years $-1,772
11 years $484
13 years $2,740
15 years $4,996
17 years $7,252
19 years $9,508
21 years $11,764
23 years $14,020
25 years $16,276

Top Solar Installers in Melrose

DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make converting to solar power much easier. Plus, if you aren't sure what kind of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.

There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Melrose

Factors that Affect Solar Panel Costs in Melrose

The cost of installing a solar system in Melrose can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.

Solar Equipment

When it comes to estimating the cost of solar panels in Melrose, 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 usage, which you can figure out by looking at past energy bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Melrose, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Melrose, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. Even though solar loans make going solar more accessible for Melrose homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

Finally, the company you get to install your solar panel system can influence the cost. Melrose's solar companies all have different labor costs and add varying upcharges to equipment. Companies that 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 with an above-average cost. It's best to do some research and go with the company that provides the products, warranties and services you want 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 $15,173 11.0 years
8 kW $2.78 $15,594 $20,536 10.8 years
10 kW $2.73 $19,110 $26,052 10.6 years
12 kW $2.68 $22,473 $31,721 10.4 years
14 kW $2.62 $25,684 $37,543 10.2 years
16 kW $2.57 $28,741 $43,518 9.9 years
18 kW $2.51 $31,646 $49,646 9.7 years
20 kW $2.46 $34,398 $55,926 9.5 years

How to Save on Solar Panels

There are numerous companies to choose from in Melrose, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:

  • Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
  • Contract: Before you sign a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Melrose, IL Solar Cost FAQs

What is the average cost of installing solar panels in Melrose?

This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.

What other factors should I consider in addition to cost when buying solar panels?

The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.

Do solar panels increase the value of your home?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Melrose is currently $128,964, so you could be looking at a value of about $5,288 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Melrose is a fruitful investment.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy consumption and how much 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.

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