Solar Panel Cost Guide in Streator, IL (2024 Update)
- Streator Solar Installation Cost: $16,856
- 25-Year Savings: $10,373
- Payback Period: 18.6 Years
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Average Cost of Solar Panels in Streator
Let’s take a look at the average cost of solar in Streator.
The average cost of solar panels in Streator is 4 per watt.Since a 6.4-kW system is needed to cover the energy needs of a typical home in Streator, the average price of going solar will be about $16,856 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy usage and what company you go with.But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $13,000 over 20 years on electricity bills.
You can click the button below to get connected with a pre-vetted solar installer in Streator that can help you get a more accurate cost estimate for your home.
Solar savings over time in Streator
| Year | Return on Investment |
|---|---|
| 1 years | $-15,700 |
| 3 years | $-13,388 |
| 5 years | $-11,075 |
| 7 years | $-8,763 |
| 9 years | $-6,451 |
| 11 years | $-4,138 |
| 13 years | $-1,826 |
| 15 years | $486 |
| 17 years | $2,799 |
| 19 years | $5,111 |
| 21 years | $7,424 |
| 23 years | $9,736 |
| 25 years | $12,048 |
Top Solar Installers in Streator
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar panel installer can make converting to solar power much easier. The expertise that solar companies provide can be invaluable as well, particularly if you aren’t sure what brand of solar equipment you need.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 Streator
Factors that Affect Solar Panel Costs in Streator
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Streator: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $3,760 per kilowatt in Streator.The kind of solar panels and equipment you get is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Streator to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.Even though solar loans make adopting solar energy more accessible for Streator homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Streator is the company you choose to install your solar system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets.Additionally, some companies in Streator know more about local solar incentives and can help you learn about 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 | $3.91 | $16,424 | $4,760 | 19.4 years |
| 8 kW | $3.84 | $21,477 | $6,768 | 19.0 years |
| 10 kW | $3.76 | $26,320 | $8,987 | 18.6 years |
| 12 kW | $3.68 | $30,952 | $11,416 | 18.3 years |
| 14 kW | $3.61 | $35,374 | $14,055 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $16,905 | 17.5 years |
| 18 kW | $3.46 | $43,586 | $19,966 | 17.1 years |
| 20 kW | $3.38 | $47,376 | $23,237 | 16.8 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose greatly impacts your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Solar Panel Brands: The type of solar panel you want to install plays a part in which installer you should choose, since different companies offer different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
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 Streator, IL Solar Cost FAQs
What is the average cost of installing solar panels in Streator?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Streator?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The drawback 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 get the most savings.
How will solar panels impact my property value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.