Solar Panel Cost Guide in Mount Carmel, IL (Mar 2023)
- Mount Carmel Solar Installation Cost: $11,810
- 25-Year Savings: $15,870
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mount Carmel
Let's have a look at the average cost of solar panels in Mount Carmel.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Mount Carmel, the typical cost of solar panels is 2.73 per watt. The average Mount Carmel homeowner needs a 6.2-kilowatt system, which would cost about $11,810 with the federal tax credit, or $16,888 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Mount Carmel homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $17,000 in savings on energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Mount Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-10,703 |
| 3 years | $-8,488 |
| 5 years | $-6,274 |
| 7 years | $-4,060 |
| 9 years | $-1,845 |
| 11 years | $369 |
| 13 years | $2,583 |
| 15 years | $4,798 |
| 17 years | $7,012 |
| 19 years | $9,226 |
| 21 years | $11,441 |
| 23 years | $13,655 |
| 25 years | $15,870 |
Top Solar Installers in Mount Carmel
Trying to put up solar panels on your own can be a challenging project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers offer can be invaluable as well, particularly if you aren't sure what kind of solar equipment would be right for your home.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Mount Carmel
Factors that Affect Solar Panel Costs in Mount Carmel
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Mount Carmel: 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. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are many different solar panel brands and the one you pick also affects the cost. In general, the brands that have better efficiency tend to also be more expensive. Additionally, 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
Most solar installers in Mount Carmel offer solar loans, which reduce your upfront costs of installing solar. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Mount Carmel, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that has the products, warranties and services you want 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 | $14,955 | 11.1 years |
| 8 kW | $2.78 | $15,594 | $20,246 | 10.9 years |
| 10 kW | $2.73 | $19,110 | $25,689 | 10.7 years |
| 12 kW | $2.68 | $22,473 | $31,286 | 10.5 years |
| 14 kW | $2.62 | $25,684 | $37,035 | 10.2 years |
| 16 kW | $2.57 | $28,741 | $42,937 | 10.0 years |
| 18 kW | $2.51 | $31,646 | $48,992 | 9.8 years |
| 20 kW | $2.46 | $34,398 | $55,200 | 9.6 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 choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: The type of solar panel you need plays a role in which installer you should opt for, since different companies provide different panels.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline rebates and warranties.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Mount Carmel, IL Solar Cost FAQs
How much does it cost to install solar panels in Mount Carmel?
The average cost of solar panels in Mount Carmel 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Mount Carmel?
You can't get solar panels for free in Mount Carmel. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Does Mount Carmel have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either receive compensation 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 many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.