Solar Panel Cost Guide in Olio, IL (2024 Update)

  • Olio Solar Installation Cost: $16,751
  • 25-Year Savings: $11,806
  • Payback Period: 17.5 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Olio

Find out how much it might cost to make the switch to solar in Olio.

The national average cost of solar panels is $2.66 per watt, but in Olio it’s 4 per watt.To account for the typical energy needs of the average home in Olio, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs around $16,751, or $23,954 before the federal solar tax credit of 0 is applied.

The true price you pay can go above or below the average in Olio based on a few factors, such as the kind of solar panels you choose and the solar installer you hire.Even with the high upfront cost, the average Olio homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the advantages of solar.

You can click the button below to get connected with a top solar company in Olio that can help you get a more accurate cost estimate for your home.

Solar savings over time in Olio

Year Return on Investment
1 years $-15,900
3 years $-14,199
5 years $-12,498
7 years $-10,797
9 years $-9,095
11 years $-7,394
13 years $-5,693
15 years $-3,991
17 years $-2,290
19 years $-589
21 years $1,113
23 years $2,814
25 years $4,515

Top Solar Installers in Olio

DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Using a solar panel installer can make converting to solar power much easier. Another good thing about going with a reputable solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.

If you’d like to go solar but still aren’t certain which solar installer to go with, here are our recommendations for providers near you:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Olio

Factors that Affect Solar Panel Costs in Olio

Though the average cost of a solar system in Olio is $16,751, your actual cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.

Solar Equipment

One of the most important 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 around $3,760 per kilowatt in Olio.The brand and kind of equipment you get for your solar system can raise or lower 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Most solar companies in Olio provide solar loans, which reduce the initial cost of installing solar panels.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’re only able to 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 securing a solar loan with a low interest rate could reduce your costs remarkably.

Solar Panel Installation Company

The solar installer you hire to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies in Olio, and each can charge different amounts for labor and equipment.The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of 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 $3.91 $16,424 $6,172 18.2 years
8 kW $3.84 $21,477 $8,650 17.8 years
10 kW $3.76 $26,320 $11,339 17.5 years
12 kW $3.68 $30,952 $14,239 17.1 years
14 kW $3.61 $35,374 $17,349 16.8 years
16 kW $3.53 $39,585 $20,670 16.4 years
18 kW $3.46 $43,586 $24,201 16.1 years
20 kW $3.38 $47,376 $27,942 15.7 years

How to Save on Solar Panels

The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:

  • Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.
  • Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two 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 good reviews from previous customers.
  • Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Olio, IL Solar Cost FAQs

How much does it cost to install solar panels in Olio?

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. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Is it better to lease or buy solar panels in Olio?

Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.

Does Olio have a net metering program?

The majority of states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy needs 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 buy 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.

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