Solar Panel Cost Guide in Pin Oak, IL (2024 Update)
- Pin Oak Solar Installation Cost: $16,101
- 25-Year Savings: $12,536
- Payback Period: 16.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Pin Oak
Find out what the average cost of solar panels are in Pin Oak.
The national average cost of solar panels is $2.66 per watt, but in Pin Oak it’s 4 per watt.To account for the typical energy needs of the average home in Pin Oak, most homeowners require a 6.1-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,101, or $23,024 before the federal solar tax credit of 0 is applied.
Keep in mind 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 want to get, your solar contractor and more.But, after you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $15,000 over 20 years on power bills.
You can click the button below to get connected with a top solar company in Pin Oak for a quote for your home.
Solar savings over time in Pin Oak
| Year | Return on Investment |
|---|---|
| 1 years | $-15,250 |
| 3 years | $-13,549 |
| 5 years | $-11,848 |
| 7 years | $-10,147 |
| 9 years | $-8,445 |
| 11 years | $-6,744 |
| 13 years | $-5,043 |
| 15 years | $-3,341 |
| 17 years | $-1,640 |
| 19 years | $61 |
| 21 years | $1,763 |
| 23 years | $3,464 |
| 25 years | $5,165 |
Top Solar Installers in Pin Oak
When going solar, many homeowners prefer to hire a solar installer since installing a solar system yourself can be a time-consuming project. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over time.
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 nearby:
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
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 Pin Oak
Factors that Affect Solar Panel Costs in Pin Oak
While the average cost of a solar system in Pin Oak is $16,101, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Pin Oak, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Pin Oak average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Pin Oak, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Pin Oak, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $3.91 | $16,424 | $7,337 | 17.3 years |
| 8 kW | $3.84 | $21,477 | $10,204 | 16.9 years |
| 10 kW | $3.76 | $26,320 | $13,282 | 16.6 years |
| 12 kW | $3.68 | $30,952 | $16,570 | 16.3 years |
| 14 kW | $3.61 | $35,374 | $20,069 | 16.0 years |
| 16 kW | $3.53 | $39,585 | $23,778 | 15.6 years |
| 18 kW | $3.46 | $43,586 | $27,698 | 15.3 years |
| 20 kW | $3.38 | $47,376 | $31,828 | 15.0 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Warranty: If you’re concerned about the durability of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer high-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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 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 $18,800 for a 5-kW system and $37,600 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.
Should I lease or buy solar panels in Pin Oak?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Does Pin Oak have a net metering program?
Each state has some kind 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 power 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 amount 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.