Solar Panel Cost Guide in Morton, IL (2023 Update)
- Morton Solar Installation Cost: $16,749
- 25-Year Savings: $9,443
- Payback Period: 19.4 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Morton
Find out what the average cost of installing solar panels is in Morton.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Morton, the typical cost of solar panels is 2.73 per watt.The average solar panel system size in Morton is around 6.4 kilowatts, meaning a cost of about $12,154 for a solar installation, or $17,380 before the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will most likely look different based on your energy needs and what company you want to go with.For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Morton see about $13,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Morton that can help you get a more accurate cost estimate for your home.
Solar savings over time in Morton
| Year | Return on Investment |
|---|---|
| 1 years | $-15,898 |
| 3 years | $-14,197 |
| 5 years | $-12,496 |
| 7 years | $-10,795 |
| 9 years | $-9,093 |
| 11 years | $-7,392 |
| 13 years | $-5,691 |
| 15 years | $-3,989 |
| 17 years | $-2,288 |
| 19 years | $-587 |
| 21 years | $1,115 |
| 23 years | $2,816 |
| 25 years | $4,517 |
Top Solar Installers in Morton
Many homeowners choose to use a solar panel installer since trying to install solar panels yourself can be hard. The expertise that solar companies offer can be useful as well, especially if you don't quite know what brand of solar equipment would be right for your home.
There are a number of 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
See all of the solar companies in Morton
Factors that Affect Solar Panel Costs in Morton
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Morton: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Morton, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Morton to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Morton, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment.The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and better pricing. Smaller local companies might be more costly, but they generally 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 | $3.91 | $16,424 | $3,945 | 20.2 years |
| 8 kW | $3.84 | $21,477 | $5,682 | 19.8 years |
| 10 kW | $3.76 | $26,320 | $7,628 | 19.4 years |
| 12 kW | $3.68 | $30,952 | $9,786 | 19.0 years |
| 14 kW | $3.61 | $35,374 | $12,154 | 18.6 years |
| 16 kW | $3.53 | $39,585 | $14,732 | 18.2 years |
| 18 kW | $3.46 | $43,586 | $17,521 | 17.8 years |
| 20 kW | $3.38 | $47,376 | $20,521 | 17.4 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 selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- 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 significant role in the company you choose.
- Contract: Before signing a contract with a solar installer, be sure to look it over completely 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.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer 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 Morton, IL Solar Cost FAQs
What is the average cost of installing solar panels in Morton?
This is a difficult question to answer precisely, because the cost depends on many 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 cost more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
How will solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Morton is currently $183,061, which means you could be looking at a value of about $7,506 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Morton is a rewarding investment.
How long do solar panels last in Morton?
On average, solar panels can last 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 higher 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.