Solar Panel Cost Guide in Streator, IL (2023 Update)
- Streator Solar Installation Cost: $12,239
- 25-Year Savings: $10,373
- Payback Period: 13.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Streator
Find out what the average cost of a solar system is in Streator.
The national average cost of solar panels is $2.66 per watt, but in Streator it's 2.73 per watt. To account for the typical energy needs of the average home in Streator, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $12,230, or $17,489 before the federal solar tax credit of 30% is applied.
These figures are just averages, and your own solar costs may differ based on your energy needs and what company you want to go with. For most homeowners, the upfront cost of solar panels is worth paying. On average Streator homeowners see about $13,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar panel company in Streator for a custom estimate.
Solar savings over time in Streator
| Year | Return on Investment |
|---|---|
| 1 years | $-12,163 |
| 3 years | $-12,013 |
| 5 years | $-11,862 |
| 7 years | $-11,711 |
| 9 years | $-11,560 |
| 11 years | $-11,410 |
| 13 years | $-11,259 |
| 15 years | $-11,108 |
| 17 years | $-10,957 |
| 19 years | $-10,807 |
| 21 years | $-10,656 |
| 23 years | $-10,505 |
| 25 years | $-10,354 |
Top Solar Installers in Streator
Many homeowners decide to use a solar panel installer since trying to install solar panels yourself can be hard. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Streator
Factors that Affect Solar Panel Costs in Streator
The cost of installing a solar system in Streator can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Streator, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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 over time on your power bills. In addition, extra products, like solar batteries, can bring your total well above the Streator average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Streator, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your total costs, so it's vital to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Streator is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for example, you'll have no shortage of solar installers that provide a range of services at different costs. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $9,259 | 14.1 years |
| 8 kW | $2.78 | $15,594 | $12,652 | 13.8 years |
| 10 kW | $2.73 | $19,110 | $16,197 | 13.5 years |
| 12 kW | $2.68 | $22,473 | $19,895 | 13.3 years |
| 14 kW | $2.62 | $25,684 | $23,745 | 13.0 years |
| 16 kW | $2.57 | $28,741 | $27,749 | 12.7 years |
| 18 kW | $2.51 | $31,646 | $31,906 | 12.4 years |
| 20 kW | $2.46 | $34,398 | $36,215 | 12.2 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies will offer different brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Streator, IL Solar Cost FAQs
What is the average cost of installing solar panels in Streator?
The average cost of solar panels in Streator 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 stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Streator?
You can't get solar panels for free in Streator. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Does Streator have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 level 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.