Solar Panel Cost Guide in Morrison, IL (2023 Update)
- Morrison Solar Installation Cost: $12,364
- 25-Year Savings: $15,763
- Payback Period: 11.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Morrison
Let's have a look at the average cost of solar panels in Morrison.
The national average cost of solar panels is $2.66 per watt, but in Morrison it's 2.73 per watt. Because a 6.5-kW system is needed to cover the energy needs of a typical home in Morrison, the average price of going solar will be about $12,364 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary based on several factors, such as how many panels you need, your energy consumption and what company you go with. But, after you've paid the initial cost of installation, the savings for most homeowners is quite good, with a net average savings of about $17,000 over 20 years on energy bills.
Click the button below to get connected to a top solar installer in Morrison for a custom estimate.
Solar savings over time in Morrison
| Year | Return on Investment |
|---|---|
| 1 years | $-11,239 |
| 3 years | $-8,989 |
| 5 years | $-6,739 |
| 7 years | $-4,489 |
| 9 years | $-2,238 |
| 11 years | $12 |
| 13 years | $2,262 |
| 15 years | $4,512 |
| 17 years | $6,762 |
| 19 years | $9,013 |
| 21 years | $11,263 |
| 23 years | $13,513 |
| 25 years | $15,763 |
Top Solar Installers in Morrison
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring an installer can make swapping over to solar power much easier. Some solar companies, especially local ones, can help you better understand incentives in Morrison, thereby optimizing your ROI.
If you're searching for a solar installer in Morrison, we've compiled 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
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 Morrison
Factors that Affect Solar Panel Costs in Morrison
Though the average cost of a solar system in Morrison is $12,364, your final cost may differ. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $2,730 per kilowatt in Morrison. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Morrison homeowners opt to finance their solar panel systems to offset upfront costs. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can influence how much it costs. Morrison's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that provides the products, warranties and services you're looking for and also is 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 | $14,144 | 11.4 years |
| 8 kW | $2.78 | $15,594 | $19,165 | 11.2 years |
| 10 kW | $2.73 | $19,110 | $24,339 | 11.0 years |
| 12 kW | $2.68 | $22,473 | $29,665 | 10.8 years |
| 14 kW | $2.62 | $25,684 | $35,144 | 10.6 years |
| 16 kW | $2.57 | $28,741 | $40,776 | 10.3 years |
| 18 kW | $2.51 | $31,646 | $46,561 | 10.1 years |
| 20 kW | $2.46 | $34,398 | $52,499 | 9.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Solar Panel Brands: Different companies carry different brands and kinds of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
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 Morrison, IL Solar Cost FAQs
What is the average cost of installing solar panels in Morrison?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Morrison?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Can you sell solar power back to the grid in Morrison?
The majority of states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.