Solar Panel Cost Guide in Plato, IL (2023 Update)
- Plato Solar Installation Cost: $12,479
- 25-Year Savings: $11,391
- Payback Period: 13.1 Years
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Updated September 15, 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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Plato, the typical cost of a solar system is 2.73 per watt. To cover the typical energy needs of the average home in Plato, most homeowners require a 6.5-kilowatt system. Using the figure above, a solar installation costs about $12,479, or $17,845 before the federal solar tax credit of 30% is applied.
The true price you pay can be above or below the average in Plato depending on a few factors, such as the model of solar panels you choose and the solar company you hire. But, after you've paid the initial cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on energy bills.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Plato
| Year | Return on Investment |
|---|---|
| 1 years | $-12,400 |
| 3 years | $-12,241 |
| 5 years | $-12,082 |
| 7 years | $-11,922 |
| 9 years | $-11,763 |
| 11 years | $-11,604 |
| 13 years | $-11,445 |
| 15 years | $-11,286 |
| 17 years | $-11,127 |
| 19 years | $-10,968 |
| 21 years | $-10,808 |
| 23 years | $-10,649 |
| 25 years | $-10,490 |
Top Solar Installers in Plato
Although it's possible to install solar panels by yourself, it takes extra time and handiness. That's why the majority of homeowners choose to go with a solar panel installer. Also, companies with a high reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
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 Plato
Factors that Affect Solar Panel Costs in Plato
There are many factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,730. The brand of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Plato, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, 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 choose will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. The company's size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and better 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 down 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 | $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
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one mark of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Plato, IL Solar Cost FAQs
What is the average cost of installing solar panels in Plato?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Plato?
Leasing solar panels can be an attractive choice, as it typically 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 way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Plato?
Each state has some kind 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 offer you credit toward your future power bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 account for 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.