Solar Panel Cost Guide in Plato, IL (Mar 2023)
- Plato Solar Installation Cost: $12,479
- 25-Year Savings: $11,392
- Payback Period: 13.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Plato
Let's take a look at the average cost of solar in Plato.
While the national average of solar panels is $2.66 per watt, solar panels in Plato generally cost around 2.73. Because a 6.5-kW system is needed to cover the energy costs of a typical home in Plato, the average price of going solar will be about $12,479 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with. Many homeowners find going solar is a rewarding investment. The average homeowner in Plato can save about $14,000 on their power bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Plato for a quote for your home.
Solar savings over time in Plato
| Year | Return on Investment |
|---|---|
| 1 years | $-11,524 |
| 3 years | $-9,614 |
| 5 years | $-7,705 |
| 7 years | $-5,795 |
| 9 years | $-3,885 |
| 11 years | $-1,976 |
| 13 years | $-66 |
| 15 years | $1,843 |
| 17 years | $3,753 |
| 19 years | $5,663 |
| 21 years | $7,572 |
| 23 years | $9,482 |
| 25 years | $11,392 |
Top Solar Installers in Plato
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make switching to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you're looking for a solar company in Plato, we've 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 (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 Plato
Factors that Affect Solar Panel Costs in Plato
There are many factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of a solar system in Plato, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Plato, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies in Plato, and each can charge different amounts for labor and equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $10,007 | 13.6 years |
| 8 kW | $2.78 | $15,594 | $13,649 | 13.3 years |
| 10 kW | $2.73 | $19,110 | $17,443 | 13.1 years |
| 12 kW | $2.68 | $22,473 | $21,391 | 12.8 years |
| 14 kW | $2.62 | $25,684 | $25,491 | 12.5 years |
| 16 kW | $2.57 | $28,741 | $29,744 | 12.3 years |
| 18 kW | $2.51 | $31,646 | $34,150 | 12.0 years |
| 20 kW | $2.46 | $34,398 | $38,709 | 11.8 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose significantly influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
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 Plato, IL Solar Cost FAQs
What is the average cost of installing solar panels in Plato?
The average cost of solar panels in Plato is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Plato?
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 get the most savings.
Can you sell solar power back to the grid in Plato?
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 energy bills.
How long do solar panels last in Plato?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.