Solar Panel Cost Guide in Taylorville, IL (2023 Update)
- Taylorville Solar Installation Cost: $16,430
- 25-Year Savings: $15,109
- Payback Period: 15.2 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Taylorville
Let’s have a look at the average cost of solar in Taylorville.
In Taylorville, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Taylorville, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs about $16,430, or $23,495 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Taylorville homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.With typical savings of about $16,000 on electricity bills over 20 years, many homeowners in Taylorville find investing in solar can be quite rewarding.
Click the button below to get connected to a highly rated solar installer in your area for a custom estimate.
Solar savings over time in Taylorville
| Year | Return on Investment |
|---|---|
| 1 years | $-15,580 |
| 3 years | $-13,878 |
| 5 years | $-12,177 |
| 7 years | $-10,476 |
| 9 years | $-8,775 |
| 11 years | $-7,073 |
| 13 years | $-5,372 |
| 15 years | $-3,671 |
| 17 years | $-1,969 |
| 19 years | $-268 |
| 21 years | $1,433 |
| 23 years | $3,135 |
| 25 years | $4,836 |
Top Solar Installers in Taylorville
Although it's possible to install solar panels yourself, it involves extra time and expertise. Because of that, almost all homeowners choose to go with a solar panel installer. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Taylorville
Factors that Affect Solar Panel Costs in Taylorville
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Taylorville: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
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 that have higher efficiency or power production require 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.The brand of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond 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’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Taylorville, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of loans, including the total 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 securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Taylorville is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, you’ll have many options for solar installers that provide a range of services at different costs.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that offers the products, warranties and services you’re looking for and also fits within your budget.
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 | $9,564 | 15.8 years |
| 8 kW | $3.84 | $21,477 | $13,173 | 15.5 years |
| 10 kW | $3.76 | $26,320 | $16,993 | 15.2 years |
| 12 kW | $3.68 | $30,952 | $21,023 | 14.9 years |
| 14 kW | $3.61 | $35,374 | $25,263 | 14.6 years |
| 16 kW | $3.53 | $39,585 | $29,715 | 14.3 years |
| 18 kW | $3.46 | $43,586 | $34,377 | 14.0 years |
| 20 kW | $3.38 | $47,376 | $39,249 | 13.7 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- 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 get the job done well. Another way you can check your installer’s reputation is by reading reviews.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Taylorville, IL Solar Cost FAQs
What is the average cost of installing solar panels in Taylorville?
This is a tough question to answer exactly, because the cost depends on a variety of 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 extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $866.25 per year.
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 generally produce about 250 to 400 watt-hours per hour, the average house 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.