Solar Panel Cost Guide in Springfield, IL (Mar 2023)
- Springfield Solar Installation Cost: $11,944
- 25-Year Savings: $14,638
- Payback Period: 11.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Springfield
We break down average solar pricing in Springfield.
The national average cost of solar panels is $2.66 per watt, but in Springfield it's 2.73 per watt. The average solar panel system size in Springfield is around 6.2 kilowatts, meaning a cost of about $11,944 for a solar installation, or $17,080 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary depending on several factors, such as what size system you need, your energy usage and what installation company you go with. With average savings of about $16,000 on power bills over 20 years, many homeowners in Springfield find installing solar panels has a decent ROI.
You can click the button below to get connected with a pre-vetted solar company in Springfield that can help you get a more accurate cost estimate for your home.
Solar savings over time in Springfield
| Year | Return on Investment |
|---|---|
| 1 years | $-10,880 |
| 3 years | $-8,754 |
| 5 years | $-6,628 |
| 7 years | $-4,501 |
| 9 years | $-2,374 |
| 11 years | $-248 |
| 13 years | $1,878 |
| 15 years | $4,005 |
| 17 years | $6,132 |
| 19 years | $8,258 |
| 21 years | $10,384 |
| 23 years | $12,511 |
| 25 years | $14,638 |
Top Solar Installers in Springfield
Trying to install solar panels yourself can be a time-consuming task, which is why using a solar installer is a good option for many homeowners. Companies can also have access to a large variety of the best solar panels and help you pick which one will be right for you.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Springfield:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Springfield
Factors that Affect Solar Panel Costs in Springfield
For many Springfield homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Springfield, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need 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 $2,730. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Springfield, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Springfield provide solar loans, which reduce the initial cost of installing a solar system. Although solar loans make going solar more accessible for Springfield homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Springfield are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $13,576 | 11.7 years |
| 8 kW | $2.78 | $15,594 | $18,407 | 11.5 years |
| 10 kW | $2.73 | $19,110 | $23,392 | 11.2 years |
| 12 kW | $2.68 | $22,473 | $28,529 | 11.0 years |
| 14 kW | $2.62 | $25,684 | $33,818 | 10.8 years |
| 16 kW | $2.57 | $28,741 | $39,261 | 10.6 years |
| 18 kW | $2.51 | $31,646 | $44,857 | 10.3 years |
| 20 kW | $2.46 | $34,398 | $50,605 | 10.1 years |
How to Save on Solar Panels
There are many companies available in Springfield, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar installer, be sure to read it through carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Springfield, IL Solar Cost FAQs
What is the average cost of installing solar panels in Springfield?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. 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 thing to think about when buying solar panels?
The initial cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Springfield is currently $137,330, which means you can look forward to a value of about $5,631 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Springfield is a worthwhile investment.
How long do solar panels last in Springfield?
On average, solar panels can last 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 amount 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.