Solar Panel Cost Guide in Mount Carmel, IL (2024 Update)
- Mount Carmel Solar Installation Cost: $16,262
- 25-Year Savings: $15,872
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Mount Carmel
Let’s take 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 average cost of solar panels is 4 per watt.The average solar panel system size in Mount Carmel is around 6.2 kilowatts, meaning a cost of about $16,262 for a solar installation, or $23,255 before the 0 federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you may differ based on your energy needs and what company you want to go with.But, after you've paid the initial cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $17,000 over 20 years on energy bills.
To get a free estimate from a pre-vetted solar company in Mount Carmel, you can click the button below.
Solar savings over time in Mount Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-14,964 |
| 3 years | $-12,368 |
| 5 years | $-9,771 |
| 7 years | $-7,175 |
| 9 years | $-4,579 |
| 11 years | $-1,983 |
| 13 years | $614 |
| 15 years | $3,210 |
| 17 years | $5,806 |
| 19 years | $8,402 |
| 21 years | $10,999 |
| 23 years | $13,595 |
| 25 years | $16,191 |
Top Solar Installers in Mount Carmel
When making the switch to solar, many homeowners decide to go with a solar company since handling can be a time-consuming project. Another advantage of working with a solar company is that they can help you make the most of your investment by lowering your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Mount Carmel
Factors that Affect Solar Panel Costs in Mount Carmel
Cost is typically one of the most important factors for homeowners who are considering investing 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 discuss each of these briefly below.
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 higher efficiency or power production 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 $3,760.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Mount Carmel, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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 Mount Carmel to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest.However, the interest on solar loans also increases your overall costs, so it’s crucial to keep that in mind as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Mount Carmel know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $3.91 | $16,424 | $10,456 | 15.3 years |
| 8 kW | $3.84 | $21,477 | $14,362 | 15.0 years |
| 10 kW | $3.76 | $26,320 | $18,479 | 14.7 years |
| 12 kW | $3.68 | $30,952 | $22,807 | 14.4 years |
| 14 kW | $3.61 | $35,374 | $27,345 | 14.1 years |
| 16 kW | $3.53 | $39,585 | $32,093 | 13.8 years |
| 18 kW | $3.46 | $43,586 | $37,052 | 13.5 years |
| 20 kW | $3.38 | $47,376 | $42,222 | 13.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Mount Carmel?
You can’t get solar panels for free in Mount Carmel. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Mount Carmel?
Solar panels can be a good investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.