Solar Panel Cost Guide in Olio, IL (Mar 2023)
- Olio Solar Installation Cost: $12,154
- 25-Year Savings: $11,814
- Payback Period: 12.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Olio
See how much it might cost to go solar in Olio.
In Olio, solar panels cost about 2.73 per watt on average. Since a 6.4-kW system is needed to cover the energy costs of a typical home in Olio, the average price of going solar will be about $12,154 after claiming the federal solar tax credit of 30%.
The actual price you pay can be higher or lower than the average in Olio based on several factors, such as the model of solar panels you choose and the solar contractor you hire. Despite the significant upfront cost, the average Olio homeowner can save about $14,000 on their energy bills over 20 years, which is one of the perks of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Olio
| Year | Return on Investment |
|---|---|
| 1 years | $-11,195 |
| 3 years | $-9,278 |
| 5 years | $-7,360 |
| 7 years | $-5,443 |
| 9 years | $-3,525 |
| 11 years | $-1,608 |
| 13 years | $309 |
| 15 years | $2,227 |
| 17 years | $4,144 |
| 19 years | $6,062 |
| 21 years | $7,979 |
| 23 years | $9,897 |
| 25 years | $11,814 |
Top Solar Installers in Olio
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make your swap to solar power much easier. Also, companies with a high reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Olio:
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 Olio
Factors that Affect Solar Panel Costs in Olio
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 installs your solar panels.
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 electricity your household uses, the larger your system will likely need to be. You can expect to pay about $2,730 per kilowatt in Olio. 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 are often more expensive 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
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Olio, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, including the amount of 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar company you hire to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies in Olio, and each can charge different amounts for labor and equipment. The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $10,671 | 13.2 years |
| 8 kW | $2.78 | $15,594 | $14,534 | 12.9 years |
| 10 kW | $2.73 | $19,110 | $18,549 | 12.7 years |
| 12 kW | $2.68 | $22,473 | $22,718 | 12.4 years |
| 14 kW | $2.62 | $25,684 | $27,039 | 12.2 years |
| 16 kW | $2.57 | $28,741 | $31,513 | 11.9 years |
| 18 kW | $2.51 | $31,646 | $36,140 | 11.7 years |
| 20 kW | $2.46 | $34,398 | $40,920 | 11.4 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose greatly 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:
- Installation Process: When going solar, it's crucial to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project completion timeline.
- Reputation: Your solar installer should have a good 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Contract: Though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Olio, IL Solar Cost FAQs
How much does it cost to install solar panels in Olio?
The average cost of solar panels in Olio is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $753.18 per year.
How many solar panels do I need to power 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.