Solar Panel Cost Guide in New Baden, IL (2023 Update)
- New Baden Solar Installation Cost: $11,657
- 25-Year Savings: $14,807
- Payback Period: 11.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in New Baden
Find out what the average cost of installing solar panels is in New Baden.
While the national average of solar panels is $2.66 per watt, solar panels in New Baden generally cost around 2.73. The average solar panel system size in New Baden is around 6.1 kilowatts, meaning a cost of about $11,657 for a solar installation, or $16,670 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary depending on a few factors, such as what size system you need, your energy usage and what solar installer you go with. Despite the significant upfront cost, the average New Baden homeowner can save around $16,000 on their power bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a reputable solar panel company in your area for a custom estimate.
Solar savings over time in New Baden
| Year | Return on Investment |
|---|---|
| 1 years | $-10,599 |
| 3 years | $-8,481 |
| 5 years | $-6,364 |
| 7 years | $-4,247 |
| 9 years | $-2,130 |
| 11 years | $-13 |
| 13 years | $2,104 |
| 15 years | $4,222 |
| 17 years | $6,339 |
| 19 years | $8,456 |
| 21 years | $10,573 |
| 23 years | $12,690 |
| 25 years | $14,807 |
Top Solar Installers in New Baden
Trying to install solar panels by yourself can be a difficult project, which is why getting a solar installation company is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
Working with a professional solar company can make going solar easier. 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 New Baden
Factors that Affect Solar Panel Costs in New Baden
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in New Baden: 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 size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,730. The type of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in New Baden is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that provide a range of services at different price points. The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $14,105 | 11.5 years |
| 8 kW | $2.78 | $15,594 | $19,112 | 11.2 years |
| 10 kW | $2.73 | $19,110 | $24,273 | 11.0 years |
| 12 kW | $2.68 | $22,473 | $29,586 | 10.8 years |
| 14 kW | $2.62 | $25,684 | $35,052 | 10.6 years |
| 16 kW | $2.57 | $28,741 | $40,671 | 10.4 years |
| 18 kW | $2.51 | $31,646 | $46,443 | 10.1 years |
| 20 kW | $2.46 | $34,398 | $52,367 | 9.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely provide quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
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 New Baden, IL Solar Cost FAQs
How much does it cost to install solar panels in New Baden?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly 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 higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in New Baden?
Leasing solar panels can be an option if you are unable 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 financial benefits 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 New Baden, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.