Solar Panel Cost Guide in Reed, IL (2024 Update)
- Reed Solar Installation Cost: $16,997
- 25-Year Savings: $10,271
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Reed
We go over average solar pricing in Reed.
In Reed, solar panels cost about 4 per watt on average.To cover the typical energy usage of the average home in Reed, most homeowners require a 6.5-kilowatt system. Using the figure above, a solar installation costs around $16,997, or $24,306 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy consumption, the type of equipment you want to get, your solar contractor and more.Even with the large upfront cost, the average Reed homeowner can save about $13,000 on their electricity bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a top solar company in Reed that can help you get a more accurate cost estimate for your home.
Solar savings over time in Reed
| Year | Return on Investment |
|---|---|
| 1 years | $-15,841 |
| 3 years | $-13,529 |
| 5 years | $-11,216 |
| 7 years | $-8,904 |
| 9 years | $-6,592 |
| 11 years | $-4,279 |
| 13 years | $-1,967 |
| 15 years | $345 |
| 17 years | $2,658 |
| 19 years | $4,970 |
| 21 years | $7,282 |
| 23 years | $9,595 |
| 25 years | $11,907 |
Top Solar Installers in Reed
Many homeowners decide to hire a solar installation company since trying to install solar panels yourself can be a lot of work. Also, companies with a high reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're searching for a solar company in Reed, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Reed
Factors that Affect Solar Panel Costs in Reed
Even though the average cost of a solar system in Reed is $16,997, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar panel system you need for your home, 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 nearly $3,760. The brand of solar panels and equipment you want is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment goes beyond 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 researching a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.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 upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Reed, and each can charge varying amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $3.91 | $16,424 | $4,584 | 19.5 years |
| 8 kW | $3.84 | $21,477 | $6,534 | 19.2 years |
| 10 kW | $3.76 | $26,320 | $8,694 | 18.8 years |
| 12 kW | $3.68 | $30,952 | $11,064 | 18.4 years |
| 14 kW | $3.61 | $35,374 | $13,645 | 18.0 years |
| 16 kW | $3.53 | $39,585 | $16,436 | 17.7 years |
| 18 kW | $3.46 | $43,586 | $19,438 | 17.3 years |
| 20 kW | $3.38 | $47,376 | $22,651 | 16.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: If you’re concerned about the longevity of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Look through the contract terms closely to make sure you understand the total cost, project completion timeline rebates and warranties.
- Installation Process: When making the switch to solar energy, it’s essential to keep an open line of communication with your solar company. See to it that you understand how the installation process will go and the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Reed, IL Solar Cost FAQs
How much does it cost to install solar panels in Reed?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Reed?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Does Reed have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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 household 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.