Solar Panel Cost Guide in Nameoki, IL (2023 Update)
- Nameoki Solar Installation Cost: $11,690
- 25-Year Savings: $8,140
- Payback Period: 14.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Nameoki
Find out how much it might cost to switch to solar power in Nameoki.
The average cost of solar panels in Nameoki is 2.73 per watt. The average Nameoki homeowner needs a 6.1-kilowatt system, which would cost about $11,695 with the federal tax credit, or $16,724 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar system you want to get, your solar contractor and more. But, once you've paid the initial cost of installation, the savings for most homeowners is quite good, with a net average savings of about $12,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Nameoki
| Year | Return on Investment |
|---|---|
| 1 years | $-11,624 |
| 3 years | $-11,492 |
| 5 years | $-11,360 |
| 7 years | $-11,228 |
| 9 years | $-11,095 |
| 11 years | $-10,963 |
| 13 years | $-10,831 |
| 15 years | $-10,699 |
| 17 years | $-10,567 |
| 19 years | $-10,434 |
| 21 years | $-10,302 |
| 23 years | $-10,170 |
| 25 years | $-10,038 |
Top Solar Installers in Nameoki
Although you can install solar panels by yourself, it involves extra time and expertise. For that reason, most people choose to hire a solar panel installer. Plus, if you're not certain what kind of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
Working with a licensed 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 Nameoki
Factors that Affect Solar Panel Costs in Nameoki
The cost of installing a solar system in Nameoki can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $2,730 per kilowatt in Nameoki. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Nameoki homeowners opt to finance their solar panel systems to make paying for solar more affordable. Although solar loans make switching to solar energy more accessible for Nameoki homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Nameoki is the company you choose to install your PV system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services for different budgets. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $7,525 | 15.3 years |
| 8 kW | $2.78 | $15,594 | $10,339 | 15.0 years |
| 10 kW | $2.73 | $19,110 | $13,306 | 14.7 years |
| 12 kW | $2.68 | $22,473 | $16,426 | 14.4 years |
| 14 kW | $2.62 | $25,684 | $19,698 | 14.1 years |
| 16 kW | $2.57 | $28,741 | $23,124 | 13.9 years |
| 18 kW | $2.51 | $31,646 | $26,702 | 13.6 years |
| 20 kW | $2.46 | $34,398 | $30,434 | 13.3 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 tough decision, we have some tips to help you, such as:
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Warranty: If you care about the endurance of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Nameoki, IL Solar Cost FAQs
What is the average cost of installing solar panels in Nameoki?
The average cost of solar panels in Nameoki 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 model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Nameoki?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How much can I save on energy bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Nameoki, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Nameoki?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.