Solar Panel Cost Guide in Newell, IL (2024 Update)
- Newell Solar Installation Cost: $16,686
- 25-Year Savings: $13,162
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Newell
See how much it might cost to install solar panels in Newell.
In Newell, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Newell, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,686, or $23,861 before the federal solar tax credit of 0 is applied.
These figures are just estimates, and your own solar costs will most likely differ based on factors unique to your home and what company you choose to go with.Despite the high initial cost, the average Newell homeowner can save about $15,000 on their power bills over 20 years, which is one of the advantages of solar.
To receive a free quote from a vetted solar installer in Newell, you can click the button below.
Solar savings over time in Newell
| Year | Return on Investment |
|---|---|
| 1 years | $-15,835 |
| 3 years | $-14,134 |
| 5 years | $-12,432 |
| 7 years | $-10,731 |
| 9 years | $-9,030 |
| 11 years | $-7,329 |
| 13 years | $-5,627 |
| 15 years | $-3,926 |
| 17 years | $-2,225 |
| 19 years | $-523 |
| 21 years | $1,178 |
| 23 years | $2,879 |
| 25 years | $4,581 |
Top Solar Installers in Newell
Installing solar panels by yourself can be a challenging undertaking, which is why getting a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance in the long run.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Newell
Factors that Affect Solar Panel Costs in Newell
Though the average cost of a solar system in Newell is $16,686, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most significant 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 power your household uses, the larger your system will likely need to be. You can expect to pay about $3,760 per kilowatt in Newell.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Newell, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of 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
Many homeowners find the average cost of solar in Newell to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time due to interest.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you can only 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 interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Newell, and each can charge different amounts for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price 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 go with the company that provides 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 | $3.91 | $16,424 | $7,500 | 17.2 years |
| 8 kW | $3.84 | $21,477 | $10,421 | 16.8 years |
| 10 kW | $3.76 | $26,320 | $13,552 | 16.5 years |
| 12 kW | $3.68 | $30,952 | $16,894 | 16.2 years |
| 14 kW | $3.61 | $35,374 | $20,447 | 15.8 years |
| 16 kW | $3.53 | $39,585 | $24,210 | 15.5 years |
| 18 kW | $3.46 | $43,586 | $28,184 | 15.2 years |
| 20 kW | $3.38 | $47,376 | $32,368 | 14.9 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Installation Process: One of the most important things to understand when adopting solar power 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.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Newell, IL Solar Cost FAQs
How much does it cost to install solar panels in Newell?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Newell?
You can’t get solar panels for free in Newell. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Newell?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
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 after having them for that long or you can continue to use 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.