Solar Panel Cost Guide in Olney, IL (Mar 2023)
- Olney Solar Installation Cost: $11,886
- 25-Year Savings: $14,912
- Payback Period: 11.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Olney
See how much it might cost to switch to solar power in Olney.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Olney, the typical cost of solar panels is 2.73 per watt. To cover the typical energy needs of the average home in Olney, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $11,886, or $16,997 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of solar system you want, your solar contractor and more. Despite the significant initial cost, the average Olney homeowner can save about $16,000 on their power bills over 20 years, which is one of the advantages of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Olney
| Year | Return on Investment |
|---|---|
| 1 years | $-10,814 |
| 3 years | $-8,671 |
| 5 years | $-6,527 |
| 7 years | $-4,383 |
| 9 years | $-2,239 |
| 11 years | $-95 |
| 13 years | $2,049 |
| 15 years | $4,192 |
| 17 years | $6,336 |
| 19 years | $8,480 |
| 21 years | $10,624 |
| 23 years | $12,768 |
| 25 years | $14,912 |
Top Solar Installers in Olney
Trying to install solar panels yourself can be a challenging undertaking, which is why getting a solar installation company is a good option for many homeowners. Local solar installers can also help you optimize your return on investment by walking you through any local incentives you can take advantage of and by offering warranties and repairs.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Olney
Factors that Affect Solar Panel Costs in Olney
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Olney: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,730. There are several different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that are more efficient tend to also cost more. In addition, the type of equipment you want 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 energy bills over time, but they can also be a significant investment. That's why many Olney homeowners decide to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your total costs, so it's important to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Olney know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $2.84 | $11,925 | $13,941 | 11.5 years |
| 8 kW | $2.78 | $15,594 | $18,894 | 11.3 years |
| 10 kW | $2.73 | $19,110 | $24,000 | 11.1 years |
| 12 kW | $2.68 | $22,473 | $29,259 | 10.9 years |
| 14 kW | $2.62 | $25,684 | $34,670 | 10.6 years |
| 16 kW | $2.57 | $28,741 | $40,235 | 10.4 years |
| 18 kW | $2.51 | $31,646 | $45,952 | 10.2 years |
| 20 kW | $2.46 | $34,398 | $51,822 | 10.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The brand of solar panel you need to get plays a role in which company you should opt for, since different companies have different panels.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Contract: Read the contract terms closely to make sure you understand the total cost, project timeline incentives and warranties.
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 Olney, IL Solar Cost FAQs
How much does it cost to install solar panels in Olney?
The average cost of solar panels in Olney 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 things like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Olney?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Olney?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.