Solar Panel Cost Guide in Olney, IL (2024 Update)
- Olney Solar Installation Cost: $16,361
- 25-Year Savings: $14,919
- Payback Period: 15.3 Years
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Average Cost of Solar Panels in Olney
We break down average solar pricing in Olney.
In Olney, solar panels cost about 4 per watt on average.The average solar panel system size in Olney is around 6.2 kilowatts, meaning a cost of about $16,361 for a solar installation, or $23,396 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy usage and what solar installer you go with.Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Olney can save about $16,000 on their power bills over 20 years.
Click the button below to get connected to a reputable solar company in your area for a personalized estimate.
Solar savings over time in Olney
| Year | Return on Investment |
|---|---|
| 1 years | $-15,510 |
| 3 years | $-13,809 |
| 5 years | $-12,108 |
| 7 years | $-10,406 |
| 9 years | $-8,705 |
| 11 years | $-7,004 |
| 13 years | $-5,302 |
| 15 years | $-3,601 |
| 17 years | $-1,900 |
| 19 years | $-199 |
| 21 years | $1,503 |
| 23 years | $3,204 |
| 25 years | $4,905 |
Top Solar Installers in Olney
Although you can install solar panels yourself, it takes extra effort and handiness. That's one of the reasons most homeowners choose to go with a solar panel installer. Another perk of using a solar installer is that they can help you make the most of your return of investment by bringing down your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some near you:
Best National Provider
SunPower
- 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
- 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
See all of the solar companies in Olney
Factors that Affect Solar Panel Costs in Olney
There are several factors that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,760.There are several different solar panel brands and the one you choose also changes the cost. In many cases, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you’re looking to get can affect your total cost. If you only 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 a challenge. Solar loans are available from most installers in Olney, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your total costs, so it’s important to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can play a part in determining the cost. Olney’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that provides the products, warranties and services you’re looking for and also fits within your budget.
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 | $9,442 | 15.9 years |
| 8 kW | $3.84 | $21,477 | $13,011 | 15.6 years |
| 10 kW | $3.76 | $26,320 | $16,790 | 15.3 years |
| 12 kW | $3.68 | $30,952 | $20,780 | 15.0 years |
| 14 kW | $3.61 | $35,374 | $24,980 | 14.7 years |
| 16 kW | $3.53 | $39,585 | $29,391 | 14.3 years |
| 18 kW | $3.46 | $43,586 | $34,012 | 14.0 years |
| 20 kW | $3.38 | $47,376 | $38,844 | 13.7 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 things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Reputation: Companies that have been operating for many years 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 adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: When making the switch to solar, it’s crucial to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project timeline.
Best National Provider
SunPower
- 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
- 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
EcoWatch's Olney, IL Solar Cost FAQs
What is the average cost of installing solar panels in Olney?
This is a hard question to answer precisely, 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Olney?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
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 produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.