Solar Panel Cost Guide in Owen, IL (2023 Update)
- Owen Solar Installation Cost: $12,464
- 25-Year Savings: $13,482
- Payback Period: 12.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Owen
Find out how much it might cost to switch to solar power in Owen.
Although the national average of solar panels is $2.66 per watt, solar panels in Owen generally cost about 2.73. Using this figure, a typical 6.5-kW system would cost about $12,460 before the 30% 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 true cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy usage and what solar installer you go with. For many homeowners, the upfront investment in solar power is worth paying. On average Owen homeowners see about $15,000 in savings on electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Owen
| Year | Return on Investment |
|---|---|
| 1 years | $-11,308 |
| 3 years | $-8,996 |
| 5 years | $-6,683 |
| 7 years | $-4,371 |
| 9 years | $-2,059 |
| 11 years | $254 |
| 13 years | $2,566 |
| 15 years | $4,878 |
| 17 years | $7,191 |
| 19 years | $9,503 |
| 21 years | $11,816 |
| 23 years | $14,128 |
| 25 years | $16,440 |
Top Solar Installers in Owen
Although it's possible to install solar panels by yourself, it involves extra labor and knowledge. For that reason, almost all homeowners choose to go with a solar panel installer. The expertise that solar companies offer can be invaluable as well, particularly if you don't quite know what brand of solar equipment would be right for your home.
There are various 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
See all of the solar companies in Owen
Factors that Affect Solar Panel Costs in Owen
Even though the average cost of a solar system in Owen is $12,460, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Owen average.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable route because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also increases your overall costs, so it's important to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies operating throughout Owen, and each can charge different amounts for labor and equipment. Additionally, some companies in Owen know more about local solar incentives and can help you take advantage 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 end up saving you 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 | $11,943 | 12.5 years |
| 8 kW | $2.78 | $15,594 | $16,230 | 12.3 years |
| 10 kW | $2.73 | $19,110 | $20,670 | 12.0 years |
| 12 kW | $2.68 | $22,473 | $25,262 | 11.8 years |
| 14 kW | $2.62 | $25,684 | $30,008 | 11.5 years |
| 16 kW | $2.57 | $28,741 | $34,906 | 11.3 years |
| 18 kW | $2.51 | $31,646 | $39,958 | 11.0 years |
| 20 kW | $2.46 | $34,398 | $45,162 | 10.8 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Owen, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: The model of solar panel you want to get plays a role in which installer you should choose, since different companies have access to different panels.
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Owen, IL Solar Cost FAQs
What is the average cost of installing solar panels in Owen?
The average cost of solar panels in Owen 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 stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on energy bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Owen, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Owen?
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 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.