Solar Panel Cost Guide in Rantoul, IL (2024 Update)
- Rantoul Solar Installation Cost: $16,614
- 25-Year Savings: $15,174
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Rantoul
Find out what the average cost of a solar system is in Rantoul.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Rantoul, the average cost of solar panels is 4 per watt.The average Rantoul homeowner needs a 6.3-kilowatt system, which would cost about $16,614 with the federal tax credit, or $23,758 before the 0 tax credit is applied.
The true price you pay can go above or below the average in Rantoul based on a few factors, such as the kind of solar panels you choose and the solar company you hire.With typical savings of about $16,000 on utility bills over 20 years, many homeowners in Rantoul find going solar has a decent ROI.
You can click the button below to get connected with a pre-vetted solar company in Rantoul that can help you get a more accurate cost estimate for your home.
Solar savings over time in Rantoul
| Year | Return on Investment |
|---|---|
| 1 years | $-15,763 |
| 3 years | $-14,062 |
| 5 years | $-12,361 |
| 7 years | $-10,659 |
| 9 years | $-8,958 |
| 11 years | $-7,257 |
| 13 years | $-5,556 |
| 15 years | $-3,854 |
| 17 years | $-2,153 |
| 19 years | $-452 |
| 21 years | $1,250 |
| 23 years | $2,951 |
| 25 years | $4,652 |
Top Solar Installers in Rantoul
Trying to put up solar panels on your own can be a challenging undertaking, which is why hiring a solar installer is a good option for many homeowners. Plus, if you aren’t sure what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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
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 Rantoul
Factors that Affect Solar Panel Costs in Rantoul
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that determine your overall cost in Rantoul: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,760. The model of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that have higher efficiency, 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 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 searching for a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you pick will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Rantoul know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $9,465 | 15.9 years |
| 8 kW | $3.84 | $21,477 | $13,041 | 15.6 years |
| 10 kW | $3.76 | $26,320 | $16,828 | 15.2 years |
| 12 kW | $3.68 | $30,952 | $20,825 | 14.9 years |
| 14 kW | $3.61 | $35,374 | $25,033 | 14.6 years |
| 16 kW | $3.53 | $39,585 | $29,452 | 14.3 years |
| 18 kW | $3.46 | $43,586 | $34,081 | 14.0 years |
| 20 kW | $3.38 | $47,376 | $38,920 | 13.7 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The model of solar panel you want plays a role in which installer you should choose, since different companies have different panels.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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
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 Rantoul, IL Solar Cost FAQs
How much does it cost to install solar panels in Rantoul?
The average cost of solar panels in Rantoul is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Rantoul?
Leasing solar panels can be an appealing 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 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.
Can you sell solar power back to the grid in Rantoul?
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 offer you credit toward your future electricity bills.
How long do solar panels last in Rantoul?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use 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.