Solar Panel Cost Guide in Savoy, IL (2023 Update)
- Savoy Solar Installation Cost: $12,063
- 25-Year Savings: $13,214
- Payback Period: 11.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Savoy
We go over average solar pricing in Savoy.
The national average cost of solar panels is $2.66 per watt, but in Savoy it's 2.73 per watt. The average Savoy homeowner needs a 6.3-kilowatt system, which would cost about $12,058 with the federal tax credit, or $17,243 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what installation company you go with. With average savings of about $15,000 on electricity bills over 20 years, many homeowners in Savoy find installing solar panels can pay off big.
You can click the button below to get connected with a pre-vetted solar company in Savoy that can help you get a more accurate cost estimate for your home.
Solar savings over time in Savoy
| Year | Return on Investment |
|---|---|
| 1 years | $-11,979 |
| 3 years | $-11,810 |
| 5 years | $-11,642 |
| 7 years | $-11,473 |
| 9 years | $-11,304 |
| 11 years | $-11,136 |
| 13 years | $-10,967 |
| 15 years | $-10,799 |
| 17 years | $-10,630 |
| 19 years | $-10,462 |
| 21 years | $-10,293 |
| 23 years | $-10,125 |
| 25 years | $-9,956 |
Top Solar Installers in Savoy
Although you can install solar panels on your own, it involves extra labor and know-how. For that reason, the majority of homeowners choose to hire a solar panel installer. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be best for you.
If you're on the hunt for a solar installer in Savoy, the EcoWatch team has compiled a list of our top suggestions here:
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 Savoy
Factors that Affect Solar Panel Costs in Savoy
There are a number of criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of a solar system in Savoy, 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 usage, which you can gauge by looking at past electricity bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, like solar batteries, can bump up your total well above the Savoy average.
Solar Financing Terms
Most solar installers in Savoy provide solar loans, which reduce the initial cost of installing solar. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies in Savoy, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $2.84 | $11,925 | $12,102 | 12.4 years |
| 8 kW | $2.78 | $15,594 | $16,441 | 12.2 years |
| 10 kW | $2.73 | $19,110 | $20,934 | 11.9 years |
| 12 kW | $2.68 | $22,473 | $25,579 | 11.7 years |
| 14 kW | $2.62 | $25,684 | $30,378 | 11.5 years |
| 16 kW | $2.57 | $28,741 | $35,329 | 11.2 years |
| 18 kW | $2.51 | $31,646 | $40,433 | 11.0 years |
| 20 kW | $2.46 | $34,398 | $45,690 | 10.7 years |
How to Save on Solar Panels
There are numerous companies to choose from in Savoy, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
- Contract: Read the contract terms closely 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
EcoWatch's Savoy, IL Solar Cost FAQs
What is the average cost of installing solar panels in Savoy?
The average cost of solar panels in Savoy 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 such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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.