Solar Panel Cost Guide in Newell, IL (Mar 2023)
- Newell Solar Installation Cost: $12,116
- 25-Year Savings: $13,162
- Payback Period: 12.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Newell
Find out what the average cost of solar panel installation is in Newell.
The national average cost of solar panels is $2.66 per watt, but in Newell it's 2.73 per watt. The average Newell homeowner needs a 6.3-kilowatt system, which would cost about $12,116 with the federal tax credit, or $17,326 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of going solar can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what solar installer you go with. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Newell see about $15,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Newell that can help you get a more accurate cost estimate for your home.
Solar savings over time in Newell
| Year | Return on Investment |
|---|---|
| 1 years | $-11,105 |
| 3 years | $-9,082 |
| 5 years | $-7,060 |
| 7 years | $-5,038 |
| 9 years | $-3,016 |
| 11 years | $-994 |
| 13 years | $1,028 |
| 15 years | $3,051 |
| 17 years | $5,073 |
| 19 years | $7,095 |
| 21 years | $9,117 |
| 23 years | $11,139 |
| 25 years | $13,162 |
Top Solar Installers in Newell
Although you can install solar panels on your own, it requires extra time and know-how. For that reason, most homeowners choose to hire a solar panel installer. The expertise that solar companies provide can be valuable as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Newell
Factors that Affect Solar Panel Costs in Newell
There are many criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,730. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. In addition, extra products, like solar batteries, can bump up your total well above the Newell average.
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 Newell homeowners opt to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also adds to your total costs, so it's important to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Newell, and each can charge varying amounts for labor and equipment. Additionally, some companies in Newell are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $2.84 | $11,925 | $11,999 | 12.5 years |
| 8 kW | $2.78 | $15,594 | $16,304 | 12.2 years |
| 10 kW | $2.73 | $19,110 | $20,762 | 12.0 years |
| 12 kW | $2.68 | $22,473 | $25,373 | 11.7 years |
| 14 kW | $2.62 | $25,684 | $30,137 | 11.5 years |
| 16 kW | $2.57 | $28,741 | $35,054 | 11.3 years |
| 18 kW | $2.51 | $31,646 | $40,124 | 11.0 years |
| 20 kW | $2.46 | $34,398 | $45,346 | 10.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: Different companies carry various brands and types of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
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 Newell, IL Solar Cost FAQs
What is the average cost of installing solar panels in Newell?
This is a tough question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, 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 Newell?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
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 in Newell, 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.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.