Solar Panel Cost Guide in Spring Valley, IL (2024 Update)
- Spring Valley Solar Installation Cost: $16,960
- 25-Year Savings: $12,089
- Payback Period: 17.4 Years
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Average Cost of Solar Panels in Spring Valley
We go over average solar pricing in Spring Valley.
While the national average of solar panels is $2.66 per watt, solar panels in Spring Valley generally cost about 4.The average Spring Valley homeowner needs a 6.4-kilowatt system, which would cost about $16,960 with the federal tax credit, or $24,253 before the 0 tax credit is applied.
These figures are only averages, and the cost of going solar for you will look different based on your specific situation and what company you want to go with.With average savings of about $14,000 on energy bills over 20 years, many homeowners in Spring Valley find going solar has a decent ROI.
Click the button below to get connected to a highly rated solar panel company in your area for a customized estimate.
Solar savings over time in Spring Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-16,109 |
| 3 years | $-14,408 |
| 5 years | $-12,707 |
| 7 years | $-11,005 |
| 9 years | $-9,304 |
| 11 years | $-7,603 |
| 13 years | $-5,901 |
| 15 years | $-4,200 |
| 17 years | $-2,499 |
| 19 years | $-798 |
| 21 years | $904 |
| 23 years | $2,605 |
| 25 years | $4,306 |
Top Solar Installers in Spring Valley
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Going with an installer can make your swap to solar power much easier. The payback period on an investment in solar panels will vary depending on factors like your location and energy use, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
If you’d like to switch to solar energy but still aren’t sure which solar panel installer to go with, here are our recommendations for providers in Spring Valley:
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Spring Valley
Factors that Affect Solar Panel Costs in Spring Valley
The cost of installing a solar system in Spring Valley can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,760. The model of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Spring Valley homeowners opt to finance their solar panel systems to offset upfront costs.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to 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 getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Spring Valley is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for instance, you’ll have no shortage of solar installers that provide a range of services at different costs.The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more 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 promotion can bring their pricing down 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 | $3.91 | $16,424 | $6,298 | 18.1 years |
| 8 kW | $3.84 | $21,477 | $8,819 | 17.7 years |
| 10 kW | $3.76 | $26,320 | $11,550 | 17.4 years |
| 12 kW | $3.68 | $30,952 | $14,492 | 17.0 years |
| 14 kW | $3.61 | $35,374 | $17,644 | 16.7 years |
| 16 kW | $3.53 | $39,585 | $21,007 | 16.3 years |
| 18 kW | $3.46 | $43,586 | $24,581 | 16.0 years |
| 20 kW | $3.38 | $47,376 | $28,365 | 15.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Spring Valley, IL Solar Cost FAQs
What is the average cost of installing solar panels in Spring Valley?
The average cost of solar panels in Spring Valley is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.