Solar Panel Cost Guide in Plato, IL (2024 Update)
- Plato Solar Installation Cost: $17,188
- 25-Year Savings: $11,391
- Payback Period: 18.0 Years
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Average Cost of Solar Panels in Plato
Find out what the average cost of solar panels are in Plato.
In Plato, solar panels cost about 4 per watt on average.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 $17,188 after claiming the federal solar tax credit of 0.
These figures are only averages, and how much solar costs for you will most likely look different based on your energy needs and what company you go with.For most homeowners, the upfront cost of solar is worth paying. On average Plato homeowners see about $14,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Plato for a quote for your home.
Solar savings over time in Plato
| Year | Return on Investment |
|---|---|
| 1 years | $-16,032 |
| 3 years | $-13,719 |
| 5 years | $-11,407 |
| 7 years | $-9,094 |
| 9 years | $-6,782 |
| 11 years | $-4,470 |
| 13 years | $-2,157 |
| 15 years | $155 |
| 17 years | $2,467 |
| 19 years | $4,780 |
| 21 years | $7,092 |
| 23 years | $9,404 |
| 25 years | $11,717 |
Top Solar Installers in Plato
When going solar, many homeowners opt to go with a solar installer since installing solar panels yourself can be a difficult project. Local solar installers can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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
See all of the solar companies in Plato
Factors that Affect Solar Panel Costs in Plato
For many Plato homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Plato, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,760. The model of solar panels and equipment you choose is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider 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 into a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are an affordable route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you choose will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and choose a company that has the products, warranties and services you want and also is within your budget.
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 | $5,508 | 18.7 years |
| 8 kW | $3.84 | $21,477 | $7,766 | 18.4 years |
| 10 kW | $3.76 | $26,320 | $10,233 | 18.0 years |
| 12 kW | $3.68 | $30,952 | $12,912 | 17.6 years |
| 14 kW | $3.61 | $35,374 | $15,801 | 17.3 years |
| 16 kW | $3.53 | $39,585 | $18,900 | 16.9 years |
| 18 kW | $3.46 | $43,586 | $22,210 | 16.6 years |
| 20 kW | $3.38 | $47,376 | $25,731 | 16.2 years |
How to Save on Solar Panels
The solar installer you choose will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, including:
- Installation Process: When making the switch to solar power, it’s necessary to maintain an open line of communication with your solar installer. Make sure you understand how the installation process will go and the completion timeline.
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
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
EcoWatch's Plato, IL Solar Cost FAQs
What is the average cost of installing solar panels in Plato?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Plato?
You can’t get solar panels for free in Plato. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
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 higher 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.