Solar Panel Cost Guide in Riverton, IL (2023 Update)
- Riverton Solar Installation Cost: $11,952
- 25-Year Savings: $13,500
- Payback Period: 11.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Riverton
Find out what the average cost of installing solar panels is in Riverton.
The average cost of a solar system in Riverton is 2.73 per watt. To cover the typical energy needs of the average home in Riverton, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,944, or $17,080 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Riverton homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find going solar is a solid investment. The average homeowner in Riverton can save around $15,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Riverton that can help you get a more accurate cost estimate for your home.
Solar savings over time in Riverton
| Year | Return on Investment |
|---|---|
| 1 years | $-11,101 |
| 3 years | $-9,400 |
| 5 years | $-7,698 |
| 7 years | $-5,997 |
| 9 years | $-4,296 |
| 11 years | $-2,595 |
| 13 years | $-893 |
| 15 years | $808 |
| 17 years | $2,509 |
| 19 years | $4,211 |
| 21 years | $5,912 |
| 23 years | $7,613 |
| 25 years | $9,314 |
Top Solar Installers in Riverton
Although it's possible to install solar panels by yourself, it requires extra labor and expertise. That's one of the reasons most people choose to hire a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance in the long run.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Riverton
Factors that Affect Solar Panel Costs in Riverton
For many Riverton homeowners, the decision to install solar panels rests 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
When it comes to estimating the price of a solar system in Riverton, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. The type of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment is 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 researching a solar system that's in your budget.
Solar Financing Terms
Most solar installers in Riverton provide solar loans, which reduce the initial cost of installing solar. While solar loans make switching to solar energy more accessible for Riverton homeowners, they can also increase 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
A final consideration when trying to estimate the cost of solar for your home or business in Riverton is the company you get to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services at different price points. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Installation Process: When going solar, it's crucial to maintain an open line of communication with your solar company. Make sure you understand how the installation process works and the project completion timeline.
- Warranty: If you're concerned about the longevity of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Riverton, IL Solar Cost FAQs
What is the average cost of installing solar panels in Riverton?
The average cost of solar panels in Riverton 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Riverton?
Solar panels aren't free in Riverton, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $813.91 per year.
How often do you have to replace solar panels?
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 the amount of energy they produce will have decreased significantly after that point. You can replace them after having 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.