Solar Panel Cost Guide in Owen, IL (Mar 2023)
- Owen Solar Installation Cost: $12,460
- 25-Year Savings: $13,486
- Payback Period: 12.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Owen
Here's how much it might cost to make the switch to solar in Owen.
The national average cost of solar panels is $2.66 per watt, but in Owen it's 2.73 per watt. The average Owen homeowner needs a 6.5-kilowatt system, which would cost about $12,460 with the federal tax credit, or $17,818 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Owen homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Owen can save about $15,000 on their electricity bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Owen
| Year | Return on Investment |
|---|---|
| 1 years | $-11,422 |
| 3 years | $-9,346 |
| 5 years | $-7,271 |
| 7 years | $-5,195 |
| 9 years | $-3,119 |
| 11 years | $-1,043 |
| 13 years | $1,032 |
| 15 years | $3,108 |
| 17 years | $5,184 |
| 19 years | $7,259 |
| 21 years | $9,335 |
| 23 years | $11,411 |
| 25 years | $13,486 |
Top Solar Installers in Owen
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar panel installer can make your swap to solar power much easier. Companies can also provide access to quality options of the best solar panels and help you choose which one will be best for you.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our suggestions for providers near you:
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 Owen
Factors that Affect Solar Panel Costs in Owen
The cost of installing a solar system in Owen can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Owen average.
Solar Financing Terms
Most solar installers in Owen have solar loans, which reduce the initial cost of installing a solar system. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Owen, you'll have many options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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
The solar panel company you opt for will impact 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 several important things you should take into account, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
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 Owen, IL Solar Cost FAQs
How much does it cost to install 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 like the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Owen?
You can't get solar panels for free in Owen. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Owen, that will require at least a 10-kW system. Not all homes 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 many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a 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.