Solar Panel Cost Guide in Mount Olive, IL (2023 Update)
- Mount Olive Solar Installation Cost: $11,804
- 25-Year Savings: $12,275
- Payback Period: 12.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Mount Olive
See how much it might cost to switch to solar power in Mount Olive.
The average cost of solar panels in Mount Olive is 2.73 per watt. The average solar panel system size in Mount Olive is around 6.2 kilowatts, meaning a cost of about $11,810 for a solar installation, or $16,888 before the 30% federal solar tax credit is applied.
The actual price you pay can go higher or lower than the average in Mount Olive depending on a few factors, such as the model of solar panels you choose and the solar company you hire. For most homeowners, the upfront cost of solar power is worth paying. On average Mount Olive homeowners see about $15,000 in savings on utility bills over 20 years.
Click the button below to get connected to a vetted solar installer in your area for a personalized quote.
Solar savings over time in Mount Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-10,953 |
| 3 years | $-9,252 |
| 5 years | $-7,550 |
| 7 years | $-5,849 |
| 9 years | $-4,148 |
| 11 years | $-2,447 |
| 13 years | $-745 |
| 15 years | $956 |
| 17 years | $2,657 |
| 19 years | $4,359 |
| 21 years | $6,060 |
| 23 years | $7,761 |
| 25 years | $9,462 |
Top Solar Installers in Mount Olive
Although you can install solar panels on your own, it takes extra effort and handiness. For that reason, most homeowners choose to go with a solar panel installer. Companies can also provide access to various kinds of the best solar panels and help you pick which one will be right for your home.
Working with a vetted solar company 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
See all of the solar companies in Mount Olive
Factors that Affect Solar Panel Costs in Mount Olive
For many Mount Olive homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Mount Olive, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, 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 — cost more upfront but also tend to offer higher efficiency. In a city like Mount Olive, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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
Most solar installers in Mount Olive have solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also increases your overall costs, so it's crucial to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Mount Olive, you'll have many options to choose from, but each comes at different price points for labor and 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 offers the products, warranties and services you want and also fit into 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 | $11,465 | 12.7 years |
| 8 kW | $2.78 | $15,594 | $15,593 | 12.5 years |
| 10 kW | $2.73 | $19,110 | $19,873 | 12.3 years |
| 12 kW | $2.68 | $22,473 | $24,307 | 12.0 years |
| 14 kW | $2.62 | $25,684 | $28,893 | 11.8 years |
| 16 kW | $2.57 | $28,741 | $33,632 | 11.5 years |
| 18 kW | $2.51 | $31,646 | $38,524 | 11.3 years |
| 20 kW | $2.46 | $34,398 | $43,569 | 11.0 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose greatly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Solar Panel Brands: Different companies offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Mount Olive, IL Solar Cost FAQs
How much does it cost to install solar panels in Mount Olive?
This is a difficult question to answer precisely, because the cost depends on a few different 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Are solar panels free in Mount Olive?
You can't get solar panels for free in Mount Olive. 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'd rather own your solar panels, you can finance them with a solar loan.
Do solar panels increase the value of your home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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 stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had 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.