Solar Panel Cost Guide in Reed, IL (2023 Update)

  • Reed Solar Installation Cost: $12,341
  • 25-Year Savings: $10,271
  • Payback Period: 13.6 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated September 15, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Reed

We go over average solar pricing in Reed.

In Reed, solar panels cost about 2.73 per watt on average. Using this figure, a typical 6.5-kW system would cost about $12,345 before the 30% federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of equipment you choose, your solar contractor and more. But, once you've paid the initial cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $13,000 over 20 years on energy bills.

For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Reed

Year Return on Investment
1 years $-11,185
3 years $-8,873
5 years $-6,560
7 years $-4,248
9 years $-1,936
11 years $377
13 years $2,689
15 years $5,002
17 years $7,314
19 years $9,626
21 years $11,939
23 years $14,251
25 years $16,563

Top Solar Installers in Reed

Although you can install solar panels by yourself, it involves extra energy and handiness. For that reason, almost all homeowners choose to go with a solar panel installer. The expertise that solar installers offer can be valuable as well, especially if you don't quite know what brand of solar equipment you need.

If you'd like to go solar but still aren't sure which solar company to go with, here are our suggestions for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Warranty Coverage

ADT Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

See all of the solar companies in Reed

Factors that Affect Solar Panel Costs in Reed

There are several factors that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to some 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 production need 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. There are a lot of different solar panel brands and the one you choose also affects the cost. In many cases, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Reed homeowners decide to finance their solar panel systems to offset upfront costs. 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.

Solar Panel Installation Company

The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Reed, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.

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 $9,083 14.2 years
8 kW $2.78 $15,594 $12,417 13.9 years
10 kW $2.73 $19,110 $15,904 13.6 years
12 kW $2.68 $22,473 $19,543 13.4 years
14 kW $2.62 $25,684 $23,335 13.1 years
16 kW $2.57 $28,741 $27,280 12.8 years
18 kW $2.51 $31,646 $31,378 12.6 years
20 kW $2.46 $34,398 $35,629 12.3 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 picking a company can be a challenge, we have some tips to help you, such as:

  • Contract: Before you sign a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
  • Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
  • Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Warranty Coverage

ADT Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Reed, IL Solar Cost FAQs

How much does it cost to install solar panels in Reed?

The average cost of solar panels in Reed is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.

Are solar panels free in Reed?

Solar panels aren't free in Reed, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.

How will having solar panels impact the value of my home?

Solar panels can increase your home value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."

How often do you have to replace solar panels?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.

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