Solar Panel Cost Guide in Mount Sterling, IL (2023 Update)
- Mount Sterling Solar Installation Cost: $11,968
- 25-Year Savings: $13,177
- Payback Period: 11.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Mount Sterling
We go over average solar pricing in Mount Sterling.
Although the national average of solar panels is $2.66 per watt, solar panels in Mount Sterling typically cost about 2.73. The average solar panel system size in Mount Sterling is around 6.3 kilowatts, meaning a cost of about $11,963 for a solar installation, or $17,107 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary depending on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with. With average savings of about $15,000 on utility bills over 20 years, many homeowners in Mount Sterling find going solar has a decent ROI.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Mount Sterling
| Year | Return on Investment |
|---|---|
| 1 years | $-11,885 |
| 3 years | $-11,717 |
| 5 years | $-11,549 |
| 7 years | $-11,382 |
| 9 years | $-11,214 |
| 11 years | $-11,046 |
| 13 years | $-10,879 |
| 15 years | $-10,711 |
| 17 years | $-10,543 |
| 19 years | $-10,376 |
| 21 years | $-10,208 |
| 23 years | $-10,041 |
| 25 years | $-9,873 |
Top Solar Installers in Mount Sterling
Many homeowners opt for a solar panel company since trying to install solar panels by yourself can be time-consuming. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.
Working with a professional solar company can help your solar project go smoothly. 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 Sterling
Factors that Affect Solar Panel Costs in Mount Sterling
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Mount Sterling: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Mount Sterling, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Mount Sterling homeowners decide to finance their solar panel systems to make going solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Mount Sterling, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Some companies 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 choose a company that offers the products, warranties and services you're looking for and also fits 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 | $12,165 | 12.4 years |
| 8 kW | $2.78 | $15,594 | $16,525 | 12.1 years |
| 10 kW | $2.73 | $19,110 | $21,039 | 11.9 years |
| 12 kW | $2.68 | $22,473 | $25,705 | 11.7 years |
| 14 kW | $2.62 | $25,684 | $30,524 | 11.4 years |
| 16 kW | $2.57 | $28,741 | $35,497 | 11.2 years |
| 18 kW | $2.51 | $31,646 | $40,622 | 10.9 years |
| 20 kW | $2.46 | $34,398 | $45,900 | 10.7 years |
How to Save on Solar Panels
There are many companies available in Mount Sterling, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Mount Sterling, IL Solar Cost FAQs
How much does it cost to install solar panels in Mount Sterling?
This is a hard 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 other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to keep in mind 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 take into account are the quality and durability of your solar panels.
Does Mount Sterling have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out 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 home 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.