Solar Panel Cost Guide in Melrose, IL (2023 Update)
- Melrose Solar Installation Cost: $11,933
- 25-Year Savings: $16,268
- Payback Period: 10.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Melrose
We go over average solar pricing in Melrose.
The average cost of a solar system in Melrose is 2.73 per watt. Using this figure, a typical 6.2-kW system would cost about $11,925 before the 30% federal solar tax credit is applied.
Keep 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. Many homeowners find adopting solar power is a solid investment. The average homeowner in Melrose can save around $17,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a personalized quote.
Solar savings over time in Melrose
| Year | Return on Investment |
|---|---|
| 1 years | $-11,082 |
| 3 years | $-9,381 |
| 5 years | $-7,679 |
| 7 years | $-5,978 |
| 9 years | $-4,277 |
| 11 years | $-2,576 |
| 13 years | $-874 |
| 15 years | $827 |
| 17 years | $2,528 |
| 19 years | $4,230 |
| 21 years | $5,931 |
| 23 years | $7,632 |
| 25 years | $9,333 |
Top Solar Installers in Melrose
When making the switch to solar, many homeowners decide to use a solar installation company since installing solar panels yourself can be a difficult project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 Melrose
Factors that Affect Solar Panel Costs in Melrose
Even though the average cost of a solar system in Melrose is $11,925, your actual cost may differ. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,730. 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 more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Melrose is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for example, you'll have many options for solar installers that offer a range of services at different costs. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline rebates and warranties.
- Solar Panel Brands: The type of solar panel you want to get plays a part in which installer you should opt for, since different companies provide different panels.
- 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.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Melrose, IL Solar Cost FAQs
What is the average cost of installing solar panels in Melrose?
This is a hard question to answer precisely, 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 higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Melrose?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.