Solar Panel Cost Guide in Smithton, IL (2023 Update)
- Smithton Solar Installation Cost: $11,619
- 25-Year Savings: $13,205
- Payback Period: 11.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Smithton
We break down average solar pricing in Smithton.
Although the national average of solar panels is $2.66 per watt, solar panels in Smithton typically cost around 2.73. Since a 6.1-kW system is needed to cover the energy costs of a typical home in Smithton, the average price of going solar will be about $11,619 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what installation company you go with. But, once you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $16,000 over 20 years on energy bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Smithton
| Year | Return on Investment |
|---|---|
| 1 years | $-10,626 |
| 3 years | $-8,640 |
| 5 years | $-6,654 |
| 7 years | $-4,668 |
| 9 years | $-2,682 |
| 11 years | $-696 |
| 13 years | $1,290 |
| 15 years | $3,276 |
| 17 years | $5,261 |
| 19 years | $7,247 |
| 21 years | $9,233 |
| 23 years | $11,219 |
| 25 years | $13,205 |
Top Solar Installers in Smithton
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring a solar company can make converting to solar power much easier. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you're on the hunt for a solar company in Smithton, we've organized 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Smithton
Factors that Affect Solar Panel Costs in Smithton
The cost of installing a solar system in Smithton can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, 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 most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. There are many different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Smithton offer solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also adds to your total costs, so it's vital to keep that in mind as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can play a part in determining how much it costs. Smithton's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that offers the products, warranties and services you're looking for 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 | $2.84 | $11,925 | $12,577 | 12.2 years |
| 8 kW | $2.78 | $15,594 | $17,075 | 11.9 years |
| 10 kW | $2.73 | $19,110 | $21,726 | 11.7 years |
| 12 kW | $2.68 | $22,473 | $26,530 | 11.5 years |
| 14 kW | $2.62 | $25,684 | $31,487 | 11.2 years |
| 16 kW | $2.57 | $28,741 | $36,596 | 11.0 years |
| 18 kW | $2.51 | $31,646 | $41,859 | 10.8 years |
| 20 kW | $2.46 | $34,398 | $47,274 | 10.5 years |
How to Save on Solar Panels
There are numerous companies available in Smithton, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Installation Process: When making the switch to solar, it's necessary to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Smithton, IL Solar Cost FAQs
How much does it cost to install solar panels in Smithton?
This is a hard question to answer precisely, because the cost depends on many 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 additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
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 Smithton is currently $142,583, so you could be looking at a value of about $5,846 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Smithton is a rewarding investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.