Solar Panel Cost Guide in Melrose, IL (2024 Update)
- Melrose Solar Installation Cost: $16,435
- 25-Year Savings: $16,268
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Melrose
We break down average solar pricing in Melrose.
The national average cost of solar panels is $2.66 per watt, but in Melrose it’s 4 per watt.Using this figure, a typical 6.2-kW system would cost about $16,435 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Melrose homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Despite the high upfront cost, the average Melrose homeowner can save around $17,000 on their power bills over 20 years, which is one of the advantages of solar.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Melrose
| Year | Return on Investment |
|---|---|
| 1 years | $-15,584 |
| 3 years | $-13,883 |
| 5 years | $-12,182 |
| 7 years | $-10,480 |
| 9 years | $-8,779 |
| 11 years | $-7,078 |
| 13 years | $-5,376 |
| 15 years | $-3,675 |
| 17 years | $-1,974 |
| 19 years | $-273 |
| 21 years | $1,429 |
| 23 years | $3,130 |
| 25 years | $4,831 |
Top Solar Installers in Melrose
Although you can install solar panels by yourself, it involves extra energy and knowledge. That's why the majority of homeowners choose a solar panel installer. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
If you’d like to go solar but still aren’t certain which solar system installer to go with, here are our suggestions for providers in Melrose:
Best National Provider
SunPower
- 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
- 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
See all of the solar companies in Melrose
Factors that Affect Solar Panel Costs in Melrose
For many Melrose homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Melrose, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Melrose, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of 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 out of pocket can be challenging. Solar loans are offered by most installers in Melrose, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your total costs, so it’s vital to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Melrose, and each can charge varying amounts for labor and 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 find a company that provides 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 | $10,674 | 15.2 years |
| 8 kW | $3.84 | $21,477 | $14,653 | 14.9 years |
| 10 kW | $3.76 | $26,320 | $18,842 | 14.6 years |
| 12 kW | $3.68 | $30,952 | $23,242 | 14.3 years |
| 14 kW | $3.61 | $35,374 | $27,853 | 14.0 years |
| 16 kW | $3.53 | $39,585 | $32,674 | 13.7 years |
| 18 kW | $3.46 | $43,586 | $37,706 | 13.4 years |
| 20 kW | $3.38 | $47,376 | $42,948 | 13.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Make sure you’re aligned with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Solar Panel Brands: The brand of solar panel you need to get plays a role in which company you should choose, since different companies have different panels.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When reading over 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 such as a system component breaking or if the company goes out of business.
Best National Provider
SunPower
- 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
- 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
EcoWatch's Melrose, IL Solar Cost FAQs
How much does it cost to install solar panels in Melrose?
The average cost of solar panels in Melrose is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Melrose?
Solar panels aren’t free in Melrose, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will having solar panels impact how much my home is worth?
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 $179,034, which means you could be looking at a value of about $7,340 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.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much 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 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.