Solar Panel Cost Guide in Olney, IL (2023 Update)
- Olney Solar Installation Cost: $11,879
- 25-Year Savings: $14,919
- Payback Period: 11.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Olney
We break down average solar pricing 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. Because a 6.2-kW system is needed to cover the energy consumption of a typical home in Olney, the average price of going solar will be about $11,886 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary depending on a few factors, such as what size system you need, your energy usage and what installation company you go with. But, once you've paid the initial cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $16,000 over 20 years on utility bills.
You can click the button below to get connected with a pre-vetted solar company in Olney for a quote for your home.
Solar savings over time in Olney
| Year | Return on Investment |
|---|---|
| 1 years | $-11,790 |
| 3 years | $-11,611 |
| 5 years | $-11,432 |
| 7 years | $-11,254 |
| 9 years | $-11,075 |
| 11 years | $-10,896 |
| 13 years | $-10,718 |
| 15 years | $-10,539 |
| 17 years | $-10,360 |
| 19 years | $-10,182 |
| 21 years | $-10,003 |
| 23 years | $-9,824 |
| 25 years | $-9,646 |
Top Solar Installers in Olney
When going solar, many homeowners decide to go with a solar installer since installing solar panels yourself can be a time-consuming project. Plus, if you'd like to maximize your investment in solar power, using a solar installer can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
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 Olney
Factors that Affect Solar Panel Costs in Olney
There are several factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Olney. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Olney, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Olney is the company you hire to install your solar system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different costs. Larger national companies generally 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 add-on 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 | $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
The solar panel company you opt for will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which brand 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 peruse their list of options before making your decision.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project timeline incentives and warranties.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Olney, IL Solar Cost FAQs
What is the average cost of installing solar panels in Olney?
This is a difficult question to answer precisely, 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. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt 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?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
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 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.