Solar Panel Cost Guide in Monee, IL (2023 Update)
- Monee Solar Installation Cost: $12,345
- 25-Year Savings: $10,267
- Payback Period: 13.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Monee
See how much it might cost to switch to solar power in Monee.
In Monee, solar panels cost about 2.73 per watt on average. The average Monee homeowner needs a 6.5-kilowatt system, which would cost about $12,345 with the federal tax credit, or $17,653 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what solar installer you go with. With typical savings of about $13,000 on electricity bills over 20 years, many homeowners in Monee find going solar has a decent ROI.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Monee
| Year | Return on Investment |
|---|---|
| 1 years | $-11,441 |
| 3 years | $-9,632 |
| 5 years | $-7,823 |
| 7 years | $-6,014 |
| 9 years | $-4,205 |
| 11 years | $-2,396 |
| 13 years | $-587 |
| 15 years | $1,222 |
| 17 years | $3,031 |
| 19 years | $4,840 |
| 21 years | $6,649 |
| 23 years | $8,458 |
| 25 years | $10,267 |
Top Solar Installers in Monee
Although you can install solar panels yourself, it involves extra time and knowledge. Because of that, almost all homeowners choose to go with a solar panel installer. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you'd like to start using solar energy but still aren't certain which solar panel company to go with, here are our suggestions for providers nearby:
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 Monee
Factors that Affect Solar Panel Costs in Monee
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Monee: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Monee, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bring your total well above the Monee average.
Solar Financing Terms
Most solar installers in Monee have solar loans, which reduce the initial cost of installing a solar system. While solar loans make going solar more accessible for Monee homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you hire to handle your switch to solar energy can play a part in your total costs. There are about 3 solar panel companies in Monee, and each can charge varying amounts for labor and equipment. You may come across 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 promotions to compete with those larger companies.
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 | $9,083 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,417 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $15,904 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,543 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,335 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,280 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,378 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,629 | 12.3 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, such as:
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
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 Monee, IL Solar Cost FAQs
What is the average cost of installing solar panels in Monee?
The average cost of solar panels in Monee is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to consider when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $700.27 per year.
How long do solar panels last in Monee?
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.