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
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Average Cost of Solar Panels in Olio
Find out how much it might cost to make the switch to solar in Olio.
In Olio, solar panels cost about 4 per watt on average.Using this figure, a typical 6.4-kW system would cost about $16,751 before the 0 federal solar tax credit is applied.
How much you pay can go above or below the average in Olio based on several factors, such as the type of solar panels you choose and the solar contractor you hire.Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Olio can save around $14,000 on their energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
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
When going solar, many homeowners decide to hire a solar installer since overseeing your solar installation yourself can be a challenging project. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over the lifespan of your panels.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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
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
The cost of installing a solar system in Olio can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.There are many different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in Olio, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable.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 finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installation company you select will affect your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Olio have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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
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 tips to keep in mind to help with your decision:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable 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 satisfied reviews from previous customers.
- Contract: It’s important to read through your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Solar Panel Brands: The kind of solar panel you need to get plays a part in which installer you should choose, since different companies provide different panels.
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
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?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I 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 downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Can you sell solar power back to the grid in Olio?
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.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.