Solar Panel Cost Guide in Rich, IL (Jan 2023)

  • Rich Solar Installation Cost: $12,211
  • 25-Year Savings: $10,400
  • Payback Period: 13.5 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 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 Rich

We go over average solar pricing in Rich.

The average cost of solar panels in Rich is $3 per watt. Because a 6.4-kW system is needed to cover the energy needs of a typical home in Rich, the average price of going solar will be about $12,211 before claiming the federal solar tax credit of 30%.

Keep in mind that the figures above are only estimates based on the average Rich homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Rich see about $13,000 in savings on energy bills over 20 years.

To receive a free quote from a vetted solar installer in Rich, you can click the button below.

Solar savings over time in Rich

Year Return on Investment
1 years $-11,307
3 years $-9,498
5 years $-7,689
7 years $-5,880
9 years $-4,071
11 years $-2,262
13 years $-453
15 years $1,356
17 years $3,165
19 years $4,974
21 years $6,783
23 years $8,592
25 years $10,400

Top Solar Installers in Rich

Many homeowners choose to use a solar panel company since figuring out how to install solar panels by yourself can be hard. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.

Working with a licensed solar installer can make going solar easier. Here are our recommendations:

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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Rich

Factors that Affect Solar Panel Costs in Rich

Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Rich: 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

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 electricity your household uses, the larger your system will likely need to be. You can expect to spend about $2,730 per kilowatt in Rich. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

If paying for solar panels out of pocket is out of reach, solar loans are a popular choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's wise to factor 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 the amount of time it'll take to pay back the loan.

Solar Panel Installation Company

Finally, the company you get to install your solar system can affect the cost. Rich's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Rich have more knowledge about local solar incentives and can help you make good use 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 help you save 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 $2.84 $11,925 $9,307 14.0 years
8 kW $2.78 $15,594 $12,715 13.8 years
10 kW $2.73 $19,110 $16,276 13.5 years
12 kW $2.68 $22,473 $19,990 13.2 years
14 kW $2.62 $25,684 $23,856 13.0 years
16 kW $2.57 $28,741 $27,876 12.7 years
18 kW $2.51 $31,646 $32,048 12.4 years
20 kW $2.46 $34,398 $36,374 12.2 years

How to Save on Solar Panels

Since the type of solar panels and the installation company you choose greatly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:

  • Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
  • Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
  • Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
  • Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.

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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Rich, IL Solar Cost FAQs

What is the average cost of installing solar panels in Rich?

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

Are solar panels free in Rich?

You can't get solar panels for free in Rich. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.

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

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Rich is currently $185,337, which means you can look forward to a value of about $7,599 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Rich is a rewarding investment.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy consumption and the amount of 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 buy 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.

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