Solar Panel Cost Guide in Mercer, IL (2023 Update)
- Mercer Solar Installation Cost: $12,250
- 25-Year Savings: $7,559
- Payback Period: 15.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mercer
See how much it might cost to install solar panels in Mercer.
In Mercer, solar panels cost about 2.73 per watt on average. To account for the typical energy usage of the average home in Mercer, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $12,250, or $17,518 before the federal solar tax credit of 30% is applied.
These figures are just averages, and the cost of going solar for you will look different based on factors unique to your home and what company you want to go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $12,000 over 20 years on energy bills.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Mercer
| Year | Return on Investment |
|---|---|
| 1 years | $-11,457 |
| 3 years | $-9,872 |
| 5 years | $-8,288 |
| 7 years | $-6,703 |
| 9 years | $-5,118 |
| 11 years | $-3,534 |
| 13 years | $-1,949 |
| 15 years | $-364 |
| 17 years | $1,220 |
| 19 years | $2,805 |
| 21 years | $4,390 |
| 23 years | $5,974 |
| 25 years | $7,559 |
Top Solar Installers in Mercer
Although it's possible to install solar panels by yourself, it involves extra effort and handiness. For that reason, almost all homeowners choose a solar panel installer. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be best for your home.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Mercer
Factors that Affect Solar Panel Costs in Mercer
Though the average cost of a solar system in Mercer is $12,250, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $2,730 per kilowatt in Mercer. The model of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Mercer homeowners choose to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you pick will affect your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Companies that 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 cost more. It's best to do some research and go with the company that has 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 | $2.84 | $11,925 | $6,622 | 16.1 years |
| 8 kW | $2.78 | $15,594 | $9,135 | 15.8 years |
| 10 kW | $2.73 | $19,110 | $11,801 | 15.5 years |
| 12 kW | $2.68 | $22,473 | $14,619 | 15.1 years |
| 14 kW | $2.62 | $25,684 | $17,591 | 14.8 years |
| 16 kW | $2.57 | $28,741 | $20,716 | 14.5 years |
| 18 kW | $2.51 | $31,646 | $23,993 | 14.2 years |
| 20 kW | $2.46 | $34,398 | $27,423 | 13.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Reputation: Long-standing companies 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 service, such as part repairs and replacements.
- Contract: It's important to look over 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 installation process.
- 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 substantial role in the company you choose.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Mercer, IL Solar Cost FAQs
What is the average cost of installing solar panels in Mercer?
The average cost of solar panels in Mercer is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Mercer?
You can't get solar panels for free in Mercer. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Mercer?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 cover 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.