Solar Panel Cost Guide in Mound, IL (2023 Update)
- Mound Solar Installation Cost: $11,886
- 25-Year Savings: $13,768
- Payback Period: 11.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mound
We break down average solar pricing in Mound.
While the national average of solar panels is $2.66 per watt, solar panels in Mound typically cost about 2.73. Since a 6.2-kW system is needed to cover the energy costs of a typical home in Mound, the average price of going solar will be about $11,886 after claiming the federal solar tax credit of 30%.
These figures are just averages, and the cost of going solar for you will most likely look different based on the amount of energy your home requires and what company you go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Mound can save around $16,000 on their power bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Mound that can help you get a more accurate cost estimate for your home.
Solar savings over time in Mound
| Year | Return on Investment |
|---|---|
| 1 years | $-10,860 |
| 3 years | $-8,808 |
| 5 years | $-6,755 |
| 7 years | $-4,703 |
| 9 years | $-2,651 |
| 11 years | $-598 |
| 13 years | $1,454 |
| 15 years | $3,506 |
| 17 years | $5,559 |
| 19 years | $7,611 |
| 21 years | $9,664 |
| 23 years | $11,716 |
| 25 years | $13,768 |
Top Solar Installers in Mound
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar company can make your swap to solar power much easier. Some solar companies, especially local ones, can help you take advantage of incentives in Mound, thereby optimizing your ROI.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some nearby:
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 Mound
Factors that Affect Solar Panel Costs in Mound
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Mound: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Mound, one of the most crucial 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 usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Mound is the company you get to install your PV system. As with choosing a company to renovate your kitchen, for instance, you'll have no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in Mound know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $12,819 | 12.0 years |
| 8 kW | $2.78 | $15,594 | $17,397 | 11.8 years |
| 10 kW | $2.73 | $19,110 | $22,129 | 11.6 years |
| 12 kW | $2.68 | $22,473 | $27,013 | 11.4 years |
| 14 kW | $2.62 | $25,684 | $32,050 | 11.1 years |
| 16 kW | $2.57 | $28,741 | $37,240 | 10.9 years |
| 18 kW | $2.51 | $31,646 | $42,583 | 10.7 years |
| 20 kW | $2.46 | $34,398 | $48,079 | 10.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a solid 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: Read the contract terms thoroughly to make sure you understand the total cost, project timeline rebates and warranties.
- Warranty: If you're concerned about the longevity of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
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 Mound, IL Solar Cost FAQs
What is the average cost of installing solar panels in Mound?
This is a hard question to answer precisely, because the cost depends on many 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. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas 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.
Is it worth going solar in Mound?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Mound?
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 decide to replace them after having them for that long or you can keep using 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.