Solar Panel Cost Guide in Springfield, IL (2024 Update)
- Springfield Solar Installation Cost: $16,461
- 25-Year Savings: $14,630
- Payback Period: 15.5 Years
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Average Cost of Solar Panels in Springfield
We break down average solar pricing in Springfield.
In Springfield, solar panels cost about 4 per watt on average.The average Springfield homeowner needs a 6.3-kilowatt system, which would cost about $16,461 with the federal tax credit, or $23,539 before the 0 tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely vary based on your energy needs and what company you want to go with.Despite the high initial cost, the average Springfield homeowner can save about $16,000 on their electricity bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar installer in your area for a customized quote.
Solar savings over time in Springfield
| Year | Return on Investment |
|---|---|
| 1 years | $-15,500 |
| 3 years | $-13,579 |
| 5 years | $-11,658 |
| 7 years | $-9,736 |
| 9 years | $-7,815 |
| 11 years | $-5,894 |
| 13 years | $-3,972 |
| 15 years | $-2,051 |
| 17 years | $-130 |
| 19 years | $1,792 |
| 21 years | $3,713 |
| 23 years | $5,634 |
| 25 years | $7,556 |
Top Solar Installers in Springfield
When switching to solar energy, many homeowners decide to go with a solar installer since installing solar panels yourself can be a difficult project. The expertise that solar companies offer can be useful as well, particularly if you don’t quite know what type of solar equipment would be right for your home.
If you're searching for a solar installer in Springfield, we've put together 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Springfield
Factors that Affect Solar Panel Costs in Springfield
The cost of installing a solar system in Springfield 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 the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation 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 $3,760.Some solar 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. Also, if you have a small roof or limited 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
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are offered by most installers in Springfield, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible.It’s a good idea to add 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 back the loan.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Springfield, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Springfield have more knowledge 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 end up saving you 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 | $3.91 | $16,424 | $9,077 | 16.1 years |
| 8 kW | $3.84 | $21,477 | $12,524 | 15.8 years |
| 10 kW | $3.76 | $26,320 | $16,182 | 15.5 years |
| 12 kW | $3.68 | $30,952 | $20,050 | 15.2 years |
| 14 kW | $3.61 | $35,374 | $24,128 | 14.9 years |
| 16 kW | $3.53 | $39,585 | $28,417 | 14.6 years |
| 18 kW | $3.46 | $43,586 | $32,917 | 14.2 years |
| 20 kW | $3.38 | $47,376 | $37,627 | 13.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose considerably influences your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar installer, make sure to look it over 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 part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Make sure you’re aligned with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
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
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. Broadly 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 higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Springfield?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Springfield?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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.