Solar Panel Cost Guide in Somerset, IL (2023 Update)
- Somerset Solar Installation Cost: $11,600
- 25-Year Savings: $12,219
- Payback Period: 12.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Somerset
Find out what the average cost of solar panels are in Somerset.
The average cost of a solar system in Somerset is 2.73 per watt. To cover the typical energy needs of the average home in Somerset, most homeowners require a 6.1-kilowatt system. Using the per-watt figure above, a solar installation costs about $11,600, or $16,588 before the federal solar tax credit of 30% is applied.
How much you pay can go above or below the average in Somerset depending on a few factors, such as the kind of solar panels you choose and the solar company you hire. With typical savings of about $15,000 on energy bills over 20 years, many homeowners in Somerset find installing solar panels has a decent ROI.
You can click the button below to get connected with a pre-vetted solar company in Somerset that can help you get a more accurate cost estimate for your home.
Solar savings over time in Somerset
| Year | Return on Investment |
|---|---|
| 1 years | $-10,647 |
| 3 years | $-8,742 |
| 5 years | $-6,836 |
| 7 years | $-4,931 |
| 9 years | $-3,025 |
| 11 years | $-1,120 |
| 13 years | $786 |
| 15 years | $2,691 |
| 17 years | $4,597 |
| 19 years | $6,502 |
| 21 years | $8,408 |
| 23 years | $10,313 |
| 25 years | $12,219 |
Top Solar Installers in Somerset
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring a solar company can make your switch to solar power much easier. The expertise that solar companies provide can be helpful as well, especially if you don't quite know what kind of solar equipment you need.
If you're looking for a solar installer in Somerset, we've 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
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 Somerset
Factors that Affect Solar Panel Costs in Somerset
Though the average cost of a solar system in Somerset is $11,600, your actual cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,730. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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, add-on products, such as solar batteries, can bring your total well above the Somerset average.
Solar Financing Terms
Most solar installers in Somerset have solar loans, which reduce your upfront costs of installing a solar system. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installation company you pick will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. The company's size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $11,626 | 12.7 years |
| 8 kW | $2.78 | $15,594 | $15,807 | 12.4 years |
| 10 kW | $2.73 | $19,110 | $20,141 | 12.2 years |
| 12 kW | $2.68 | $22,473 | $24,628 | 11.9 years |
| 14 kW | $2.62 | $25,684 | $29,268 | 11.7 years |
| 16 kW | $2.57 | $28,741 | $34,061 | 11.4 years |
| 18 kW | $2.51 | $31,646 | $39,006 | 11.2 years |
| 20 kW | $2.46 | $34,398 | $44,105 | 11.0 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose considerably impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Long-standing companies likely have a solid 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 service, such as part repairs and replacements.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Make sure you're on the same page with the installer with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- 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 considerable role in the company you opt for.
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 Somerset, IL Solar Cost FAQs
What is the average cost of installing solar panels in Somerset?
The average cost of solar panels in Somerset 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 things like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Somerset?
A solar panel system isn't free in Somerset, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will having solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Somerset is currently $93,313, so you can look forward to a value of about $3,826 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Somerset is a worthwhile investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a 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 install 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.