Solar Panel Cost Guide in Old Town, IL (2023 Update)
- Old Town Solar Installation Cost: $16,692
- 25-Year Savings: $11,848
- Payback Period: 17.4 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Old Town
Here's how much it might cost to go solar in Old Town.
In Old Town, solar panels cost about 2.73 per watt on average.The average Old Town 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.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar panels you want, your solar contractor and more.Many homeowners find going solar is a rewarding investment. The average homeowner in Old Town can save about $14,000 on their power bills over 20 years.
You can click the button below to get connected with a vetted solar company in Old Town that can help you get a more accurate cost estimate for your home.
Solar savings over time in Old Town
| Year | Return on Investment |
|---|---|
| 1 years | $-15,842 |
| 3 years | $-14,140 |
| 5 years | $-12,439 |
| 7 years | $-10,738 |
| 9 years | $-9,036 |
| 11 years | $-7,335 |
| 13 years | $-5,634 |
| 15 years | $-3,933 |
| 17 years | $-2,231 |
| 19 years | $-530 |
| 21 years | $1,171 |
| 23 years | $2,873 |
| 25 years | $4,574 |
Top Solar Installers in Old Town
Installing solar panels by yourself can be a stressful project, which is why using a solar installer is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
If you're on the hunt for a solar company in Old Town, we've organized a list of our top suggestions here:
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 Old Town
Factors that Affect Solar Panel Costs in Old Town
Although the average cost of a solar system in Old Town is $12,116, your actual cost may be above or below the average. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the cost of solar panels in Old Town, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need.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. However, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Old Town average.
Solar Financing Terms
Most solar installers in Old Town provide solar loans, which reduce your upfront costs of installing a solar system.It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Old Town is the company you get to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services for different budgets.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, 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 | $3.91 | $16,424 | $6,252 | 18.1 years |
| 8 kW | $3.84 | $21,477 | $8,756 | 17.8 years |
| 10 kW | $3.76 | $26,320 | $11,472 | 17.4 years |
| 12 kW | $3.68 | $30,952 | $14,398 | 17.1 years |
| 14 kW | $3.61 | $35,374 | $17,535 | 16.7 years |
| 16 kW | $3.53 | $39,585 | $20,882 | 16.4 years |
| 18 kW | $3.46 | $43,586 | $24,440 | 16.0 years |
| 20 kW | $3.38 | $47,376 | $28,208 | 15.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: If you're concerned about the durability of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Contract: Read the contract terms closely to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Although 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 make sure you take a look at their list of offerings before deciding.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Old Town, IL Solar Cost FAQs
What is the average cost of installing solar panels in Old Town?
The average cost of solar panels in Old Town 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Old Town?
Solar panels aren't free in Old Town, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Old Town?
Solar panels can be a fruitful investment for lots of 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 long do solar panels last in Old Town?
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 higher 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.