Solar Panel Cost Guide in Randolph, IL (2023 Update)
- Randolph Solar Installation Cost: $12,116
- 25-Year Savings: $11,852
- Payback Period: 12.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Randolph
Find out what the average cost of a solar system is in Randolph.
In Randolph, solar panels cost about 2.73 per watt on average. Because a 6.3-kW system is needed to cover the energy usage of a typical home in Randolph, the average price of going solar will be about $12,116 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of solar panels you want, your solar contractor and more. For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Randolph
| Year | Return on Investment |
|---|---|
| 1 years | $-11,157 |
| 3 years | $-9,240 |
| 5 years | $-7,322 |
| 7 years | $-5,405 |
| 9 years | $-3,487 |
| 11 years | $-1,570 |
| 13 years | $348 |
| 15 years | $2,265 |
| 17 years | $4,182 |
| 19 years | $6,100 |
| 21 years | $8,017 |
| 23 years | $9,935 |
| 25 years | $11,852 |
Top Solar Installers in Randolph
Trying to install solar panels yourself can be a difficult undertaking, which is why getting a solar installation company is a good option for many homeowners. Plus, if you're not certain what brand of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.
If you're looking for a solar installer in Randolph, the EcoWatch team has compiled 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Randolph
Factors that Affect Solar Panel Costs in Randolph
Even though the average cost of a solar system in Randolph is $12,116, your actual cost may differ. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,730 per kilowatt in Randolph. The type of solar panels and equipment you want is another factor that will substantially affect 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 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 a solar system out of pocket is too expensive, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Randolph, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $2.84 | $11,925 | $10,751 | 13.1 years |
| 8 kW | $2.78 | $15,594 | $14,640 | 12.9 years |
| 10 kW | $2.73 | $19,110 | $18,682 | 12.6 years |
| 12 kW | $2.68 | $22,473 | $22,877 | 12.4 years |
| 14 kW | $2.62 | $25,684 | $27,225 | 12.1 years |
| 16 kW | $2.57 | $28,741 | $31,726 | 11.9 years |
| 18 kW | $2.51 | $31,646 | $36,379 | 11.6 years |
| 20 kW | $2.46 | $34,398 | $41,186 | 11.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Installation Process: When going solar, it's necessary to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Randolph, IL Solar Cost FAQs
How much does it cost to install solar panels in Randolph?
This is a difficult question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Randolph is currently $237,846, so you can look forward to a value of about $9,752 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Randolph is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.