Solar Panel Cost Guide in Olio, IL (2023 Update)
- Olio Solar Installation Cost: $12,162
- 25-Year Savings: $11,806
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Olio
Let's take a look at the average cost of solar panels in Olio.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Olio, the average cost of solar panels is 2.73 per watt. The average solar panel system size in Olio is around 6.4 kilowatts, meaning a cost of about $12,154 for a solar installation, or $17,380 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Olio depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire. But, once you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar installer in your area for a custom quote.
Solar savings over time in Olio
| Year | Return on Investment |
|---|---|
| 1 years | $-11,312 |
| 3 years | $-9,610 |
| 5 years | $-7,909 |
| 7 years | $-6,208 |
| 9 years | $-4,507 |
| 11 years | $-2,805 |
| 13 years | $-1,104 |
| 15 years | $597 |
| 17 years | $2,299 |
| 19 years | $4,000 |
| 21 years | $5,701 |
| 23 years | $7,403 |
| 25 years | $9,104 |
Top Solar Installers in Olio
Although it's possible to install solar panels yourself, it requires extra time and handiness. That's why the majority of homeowners choose a solar panel installer. The expertise that solar companies provide can be useful as well, especially if you don't quite know what type of solar equipment would be right for your home.
You can work with a local solar installer to get a free quote on the cost of solar panels 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
See all of the solar companies in Olio
Factors that Affect Solar Panel Costs in Olio
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that will push your cost above or below the average in Olio: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Olio homeowners choose to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, 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 considerably.
Solar Panel Installation Company
The solar installation company you select will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies typically 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 extra services like electric vehicle 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 | $10,671 | 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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Olio, IL Solar Cost FAQs
What is the average cost of installing solar panels in Olio?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you opt for 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 commonly 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.
Is going solar worth it?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
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 amount of sunlight your roof gets. You can 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.