Solar Panel Cost Guide in Pin Oak, IL (2023 Update)
- Pin Oak Solar Installation Cost: $11,690
- 25-Year Savings: $12,536
- Payback Period: 12.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Pin Oak
We go over average solar pricing in Pin Oak.
The national average cost of solar panels is $2.66 per watt, but in Pin Oak it's 2.73 per watt. To account for the typical energy usage of the average home in Pin Oak, most homeowners require a 6.1-kilowatt system. Using the figure above, a solar installation costs about $11,695, or $16,724 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of solar panels you choose, your solar contractor and more. For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $15,000 in savings on utility bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Pin Oak
| Year | Return on Investment |
|---|---|
| 1 years | $-10,840 |
| 3 years | $-9,138 |
| 5 years | $-7,437 |
| 7 years | $-5,736 |
| 9 years | $-4,035 |
| 11 years | $-2,333 |
| 13 years | $-632 |
| 15 years | $1,069 |
| 17 years | $2,771 |
| 19 years | $4,472 |
| 21 years | $6,173 |
| 23 years | $7,874 |
| 25 years | $9,576 |
Top Solar Installers in Pin Oak
When switching to solar energy, many homeowners decide to go with a solar installation company since overseeing your solar installation yourself can be a time-consuming project. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.
If you're searching for a solar company in Pin Oak, the EcoWatch team has put together a list of our top suggestions here:
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 Pin Oak
Factors that Affect Solar Panel Costs in Pin Oak
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Pin Oak: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Pin Oak. 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. However, higher efficiency could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Pin Oak average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Pin Oak, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you select will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $11,837 | 12.5 years |
| 8 kW | $2.78 | $15,594 | $16,088 | 12.3 years |
| 10 kW | $2.73 | $19,110 | $20,492 | 12.1 years |
| 12 kW | $2.68 | $22,473 | $25,049 | 11.8 years |
| 14 kW | $2.62 | $25,684 | $29,759 | 11.6 years |
| 16 kW | $2.57 | $28,741 | $34,622 | 11.3 years |
| 18 kW | $2.51 | $31,646 | $39,637 | 11.1 years |
| 20 kW | $2.46 | $34,398 | $44,806 | 10.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: If you're worried about the durability of your solar system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Pin Oak, IL Solar Cost FAQs
How much does it cost to install solar panels in Pin Oak?
The average cost of solar panels in Pin Oak 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 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 consideration 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 Pin Oak?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.