Solar Panel Cost Guide in Pontiac, IL (2023 Update)
- Pontiac Solar Installation Cost: $12,173
- 25-Year Savings: $12,038
- Payback Period: 12.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Pontiac
Let's have a look at the average cost of solar panels in Pontiac.
The average cost of solar panels in Pontiac is 2.73 per watt. The average Pontiac homeowner needs a 6.4-kilowatt system, which would cost about $12,173 with the federal tax credit, or $17,407 before the 30% tax credit is applied.
How much you pay can go above or below the average in Pontiac depending on several factors, such as the kind of solar panels you choose and the solar company you hire. Even with the high upfront cost, the average Pontiac homeowner can save about $14,000 on their power bills over 20 years, which is one of the perks of solar.
To get a free quote from a highly rated solar installation company in Pontiac, you can click the button below.
Solar savings over time in Pontiac
| Year | Return on Investment |
|---|---|
| 1 years | $-11,205 |
| 3 years | $-9,268 |
| 5 years | $-7,331 |
| 7 years | $-5,394 |
| 9 years | $-3,457 |
| 11 years | $-1,520 |
| 13 years | $417 |
| 15 years | $2,354 |
| 17 years | $4,290 |
| 19 years | $6,227 |
| 21 years | $8,164 |
| 23 years | $10,101 |
| 25 years | $12,038 |
Top Solar Installers in Pontiac
Many homeowners choose to use a solar panel installer since trying to put up solar panels by yourself can be a lot of work. A solar installer can also help save you money over time by offering warranties, repairs and part replacements.
There are several 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 (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 Pontiac
Factors that Affect Solar Panel Costs in Pontiac
Although the average cost of a solar system in Pontiac is $12,173, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The model of solar panels and equipment you get is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about 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's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Pontiac to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. 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 can only 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 remarkably.
Solar Panel Installation Company
The final key cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Pontiac, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. The size of the company can sometimes play 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 promotion can bring their pricing down to compete with bigger companies.
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 | $10,867 | 13.1 years |
| 8 kW | $2.78 | $15,594 | $14,795 | 12.8 years |
| 10 kW | $2.73 | $19,110 | $18,876 | 12.6 years |
| 12 kW | $2.68 | $22,473 | $23,110 | 12.3 years |
| 14 kW | $2.62 | $25,684 | $27,497 | 12.1 years |
| 16 kW | $2.57 | $28,741 | $32,037 | 11.8 years |
| 18 kW | $2.51 | $31,646 | $36,729 | 11.6 years |
| 20 kW | $2.46 | $34,398 | $41,575 | 11.3 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: The model of solar panel you need to install plays a role in which company you should opt for, since different companies have different panels.
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 Pontiac, IL Solar Cost FAQs
What is the average cost of installing solar panels in Pontiac?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally 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 be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Pontiac?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can 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.