Solar Panel Cost Guide in Millstadt, IL (Mar 2023)
- Millstadt Solar Installation Cost: $11,619
- 25-Year Savings: $13,610
- Payback Period: 11.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Millstadt
We break down average solar pricing in Millstadt.
Although the national average of solar panels is $2.66 per watt, solar panels in Millstadt generally cost about 2.73. The average Millstadt homeowner needs a 6.1-kilowatt system, which would cost about $11,619 with the federal tax credit, or $16,615 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of solar system you want to get, your solar contractor and more. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $16,000 in savings on energy bills over 20 years.
To get a free estimate from a vetted solar installation company in Millstadt, you can click the button below.
Solar savings over time in Millstadt
| Year | Return on Investment |
|---|---|
| 1 years | $-10,610 |
| 3 years | $-8,591 |
| 5 years | $-6,573 |
| 7 years | $-4,555 |
| 9 years | $-2,537 |
| 11 years | $-518 |
| 13 years | $1,500 |
| 15 years | $3,518 |
| 17 years | $5,536 |
| 19 years | $7,555 |
| 21 years | $9,573 |
| 23 years | $11,591 |
| 25 years | $13,610 |
Top Solar Installers in Millstadt
When making the switch to solar, many homeowners prefer to use a solar company since putting up solar panels yourself can be a difficult project. The expertise that solar installers offer can be useful as well, particularly if you aren't sure what type of solar equipment would be right for your home.
If you're searching for a solar installer in Millstadt, the EcoWatch team has organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- 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 Millstadt
Factors that Affect Solar Panel Costs in Millstadt
The cost of installing a solar system in Millstadt can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of a solar system in Millstadt, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. The type of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment consists of more than 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 for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Millstadt to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. However, the interest on solar loans also increases your all-in costs, so it's vital to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Millstadt, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $12,976 | 12.0 years |
| 8 kW | $2.78 | $15,594 | $17,608 | 11.7 years |
| 10 kW | $2.73 | $19,110 | $22,392 | 11.5 years |
| 12 kW | $2.68 | $22,473 | $27,329 | 11.3 years |
| 14 kW | $2.62 | $25,684 | $32,419 | 11.1 years |
| 16 kW | $2.57 | $28,741 | $37,661 | 10.8 years |
| 18 kW | $2.51 | $31,646 | $43,057 | 10.6 years |
| 20 kW | $2.46 | $34,398 | $48,605 | 10.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Before signing a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- 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 Millstadt, IL Solar Cost FAQs
How much does it cost to install solar panels in Millstadt?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Millstadt?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $830.03 per year.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out 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 household 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.
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.