Solar Panel Cost Guide in Savoy, IL (2024 Update)
- Savoy Solar Installation Cost: $16,614
- 25-Year Savings: $13,214
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Savoy
We break down average solar pricing in Savoy.
The average cost of a solar panel system in Savoy is 4 per watt.To cover the typical energy usage of the average home in Savoy, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs about $16,614, or $23,758 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary quite a bit depending on several factors, such as how many panels you need, your energy usage and what installation company you go with.Many homeowners find going solar is a sound investment. The average homeowner in Savoy can save around $15,000 on their electricity bills over 20 years.
To receive a free estimate from a pre-vetted solar installer in Savoy, you can click the button below.
Solar savings over time in Savoy
| Year | Return on Investment |
|---|---|
| 1 years | $-15,763 |
| 3 years | $-14,062 |
| 5 years | $-12,361 |
| 7 years | $-10,659 |
| 9 years | $-8,958 |
| 11 years | $-7,257 |
| 13 years | $-5,556 |
| 15 years | $-3,854 |
| 17 years | $-2,153 |
| 19 years | $-452 |
| 21 years | $1,250 |
| 23 years | $2,951 |
| 25 years | $4,652 |
Top Solar Installers in Savoy
Many homeowners opt for a solar installation company since installing solar panels by yourself can be a labor-intensive endeavor. Plus, if you aren’t sure what kind of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you’d like to go solar but still aren’t certain which solar company to go with, here are our suggestions for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Savoy
Factors that Affect Solar Panel Costs in Savoy
The cost of installing a solar system in Savoy can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation require 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 $3,760.The type of solar panels and equipment you get is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Savoy homeowners opt to finance their solar panel systems to make going solar more affordable.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 how long it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can play a part in determining your pricing. Savoy’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that offers the products, warranties and services you want and also is within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $7,603 | 17.1 years |
| 8 kW | $3.84 | $21,477 | $10,558 | 16.8 years |
| 10 kW | $3.76 | $26,320 | $13,724 | 16.4 years |
| 12 kW | $3.68 | $30,952 | $17,100 | 16.1 years |
| 14 kW | $3.61 | $35,374 | $20,687 | 15.8 years |
| 16 kW | $3.53 | $39,585 | $24,485 | 15.4 years |
| 18 kW | $3.46 | $43,586 | $28,493 | 15.1 years |
| 20 kW | $3.38 | $47,376 | $32,712 | 14.8 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The type of solar panel you need plays a part in which company you should opt for, since different companies provide different panels.
- 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 if there are any guarantees about energy production.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Savoy, IL Solar Cost FAQs
How much does it cost to install solar panels in Savoy?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Savoy?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Savoy?
Even 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 their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.