Solar Panel Cost Guide in Oglesby, IL (2023 Update)
- Oglesby Solar Installation Cost: $12,298
- 25-Year Savings: $11,725
- Payback Period: 12.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oglesby
Find out how much it might cost to install solar panels in Oglesby.
Although the national average of solar panels is $2.66 per watt, solar panels in Oglesby typically cost about 2.73. Using this figure, a typical 6.4-kW system would cost about $12,307 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar panels you want, your solar contractor and more. But, once you've paid the initial cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $14,000 over 20 years on power bills.
To receive a free estimate from a vetted solar company in Oglesby, you can click the button below.
Solar savings over time in Oglesby
| Year | Return on Investment |
|---|---|
| 1 years | $-12,218 |
| 3 years | $-12,058 |
| 5 years | $-11,898 |
| 7 years | $-11,738 |
| 9 years | $-11,577 |
| 11 years | $-11,417 |
| 13 years | $-11,257 |
| 15 years | $-11,097 |
| 17 years | $-10,937 |
| 19 years | $-10,777 |
| 21 years | $-10,616 |
| 23 years | $-10,456 |
| 25 years | $-10,296 |
Top Solar Installers in Oglesby
When making the switch to solar, many homeowners choose to use a solar installation company since installing a solar system yourself can be a time-consuming project. Companies can also offer access to quality options of the best solar panels and help you pick which one will be right for you.
If you'd like to go solar but still aren't certain which solar panel installer to go with, here are our recommendations for providers nearby:
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 Oglesby
Factors that Affect Solar Panel Costs in Oglesby
The cost of installing a solar system in Oglesby can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar system in Oglesby, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons 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 time, but they can also be a big investment. That's why many Oglesby homeowners opt to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Oglesby is the company you get to install your PV system. Similar to choosing a company to build a deck or pool, for instance, you'll have many options for solar installers that offer a range of services for different budgets. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $10,473 | 13.3 years |
| 8 kW | $2.78 | $15,594 | $14,270 | 13.1 years |
| 10 kW | $2.73 | $19,110 | $18,219 | 12.8 years |
| 12 kW | $2.68 | $22,473 | $22,322 | 12.5 years |
| 14 kW | $2.62 | $25,684 | $26,577 | 12.3 years |
| 16 kW | $2.57 | $28,741 | $30,985 | 12.0 years |
| 18 kW | $2.51 | $31,646 | $35,546 | 11.8 years |
| 20 kW | $2.46 | $34,398 | $40,260 | 11.5 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose considerably influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Contract: Before you sign a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Oglesby, IL Solar Cost FAQs
How much does it cost to install solar panels in Oglesby?
The average cost of solar panels in Oglesby is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $746.58 per year.
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 how much 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 install 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.