Solar Panel Cost Guide in Riverton, IL (Mar 2023)
- Riverton Solar Installation Cost: $11,944
- 25-Year Savings: $13,508
- Payback Period: 11.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Riverton
We break down average solar pricing in Riverton.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Riverton, the typical cost of a solar system is 2.73 per watt. The average solar panel system size in Riverton is around 6.2 kilowatts, meaning a cost of about $11,944 for a solar installation, or $17,080 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 use, the type of solar panels you want, your solar contractor and more. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $15,000 over 20 years on power bills.
To get a free quote from a pre-vetted solar installation company in Riverton, you can click the button below.
Solar savings over time in Riverton
| Year | Return on Investment |
|---|---|
| 1 years | $-10,926 |
| 3 years | $-8,890 |
| 5 years | $-6,853 |
| 7 years | $-4,817 |
| 9 years | $-2,781 |
| 11 years | $-745 |
| 13 years | $1,291 |
| 15 years | $3,327 |
| 17 years | $5,363 |
| 19 years | $7,400 |
| 21 years | $9,436 |
| 23 years | $11,472 |
| 25 years | $13,508 |
Top Solar Installers in Riverton
Installing solar panels yourself can be a time-consuming task, which is why hiring a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over time.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Riverton
Factors that Affect Solar Panel Costs in Riverton
For many Riverton homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Riverton, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Riverton. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Riverton average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Though solar loans make adopting solar energy more accessible for Riverton homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Riverton, and each can charge different amounts for labor and equipment. Additionally, some companies in Riverton have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, 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 | $12,493 | 12.2 years |
| 8 kW | $2.78 | $15,594 | $16,963 | 12.0 years |
| 10 kW | $2.73 | $19,110 | $21,585 | 11.7 years |
| 12 kW | $2.68 | $22,473 | $26,361 | 11.5 years |
| 14 kW | $2.62 | $25,684 | $31,290 | 11.3 years |
| 16 kW | $2.57 | $28,741 | $36,371 | 11.0 years |
| 18 kW | $2.51 | $31,646 | $41,606 | 10.8 years |
| 20 kW | $2.46 | $34,398 | $46,993 | 10.6 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Installation Process: When going solar, it's necessary to maintain an open line of communication with your solar company. See to it that you understand how the installation process will go and the project timeline.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Riverton, IL Solar Cost FAQs
How much does it cost to install solar panels in Riverton?
This is a tough question to answer exactly, 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 other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Riverton have a net metering program?
Each state has some kind 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.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know 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 home 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.