Solar Panel Cost Guide in Melrose, IL (2025 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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Melrose, the typical cost of solar panels is 4 per watt.The average solar panel system size in Melrose is around 6.2 kilowatts, meaning a cost of about $16,435 for a solar installation, or $23,502 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy consumption, the type of equipment you want, your solar contractor and more.Many homeowners find installing solar panels is a solid investment. The average homeowner in Melrose can save around $17,000 on their power bills over 20 years.
Click the button below to get connected to a top solar installer in your area for a customized quote.
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
When going solar, many homeowners choose to hire a solar installation company since putting up solar panels yourself can be a challenging project. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
See all of the solar companies in Melrose
Factors that Affect Solar Panel Costs in Melrose
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Melrose: 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 size of the solar panel system you need, 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 around $3,760. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Melrose average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Melrose homeowners decide to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also increases your overall costs, so it’s important to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can impact how much you pay. Melrose’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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. Since picking a company can be difficult, we have some tips to help you, such as:
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar company. See to it that you understand how the installation process works and the project timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
- Warranty: If you’re worried about the durability of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Although reading through a contract can be tedious, it’s important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
EcoWatch's Melrose, IL Solar Cost FAQs
What is the average cost of installing 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 stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Melrose?
Solar panels aren’t free in Melrose, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase how much your home is worth?
Buying or financing solar panels for your home 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 can expect 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 worthwhile investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.