Solar Panel Cost Guide in Moro, IL (2023 Update)
- Moro Solar Installation Cost: $11,690
- 25-Year Savings: $13,742
- Payback Period: 11.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Moro
See how much it might cost to switch to solar power in Moro.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Moro, the average cost of solar panels is 2.73 per watt. Using this figure, a typical 6.1-kW system would cost about $11,695 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of solar panels you want to get, your solar contractor and more. Even with the significant initial cost, the average Moro homeowner can save around $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Moro
| Year | Return on Investment |
|---|---|
| 1 years | $-10,840 |
| 3 years | $-9,138 |
| 5 years | $-7,437 |
| 7 years | $-5,736 |
| 9 years | $-4,035 |
| 11 years | $-2,333 |
| 13 years | $-632 |
| 15 years | $1,069 |
| 17 years | $2,771 |
| 19 years | $4,472 |
| 21 years | $6,173 |
| 23 years | $7,874 |
| 25 years | $9,576 |
Top Solar Installers in Moro
Many homeowners opt for a solar panel installer since figuring out how to install solar panels on your own can be challenging. Also, companies with a high reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
Working with a professional solar company 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 Moro
Factors that Affect Solar Panel Costs in Moro
There are a number of criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 electric bills. Additionally, extra products, like solar batteries, can bring your total well above the Moro average.
Solar Financing Terms
Most solar companies in Moro provide solar loans, which reduce your upfront costs of installing solar. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Moro is the company you choose to install your PV system. As with choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services for different budgets. The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger 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 | $13,020 | 12.0 years |
| 8 kW | $2.78 | $15,594 | $17,666 | 11.7 years |
| 10 kW | $2.73 | $19,110 | $22,464 | 11.5 years |
| 12 kW | $2.68 | $22,473 | $27,416 | 11.3 years |
| 14 kW | $2.62 | $25,684 | $32,520 | 11.0 years |
| 16 kW | $2.57 | $28,741 | $37,777 | 10.8 years |
| 18 kW | $2.51 | $31,646 | $43,187 | 10.6 years |
| 20 kW | $2.46 | $34,398 | $48,750 | 10.3 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Moro, IL Solar Cost FAQs
What is the average cost of installing solar panels in Moro?
The average cost of solar panels in Moro 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 stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Moro?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels eliminate 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 $831.48 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.