Solar Panel Cost Guide in Troy, IL (2024 Update)
- Troy Solar Installation Cost: $16,997
- 25-Year Savings: $10,271
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Troy
Let’s take a look at the average cost of solar panels in Troy.
The average cost of a solar panel system in Troy is 4 per watt.To account for the typical energy usage of the average home in Troy, most homeowners require a 6.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,997, or $24,306 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average Troy homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Troy can save about $13,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-15,841 |
| 3 years | $-13,529 |
| 5 years | $-11,216 |
| 7 years | $-8,904 |
| 9 years | $-6,592 |
| 11 years | $-4,279 |
| 13 years | $-1,967 |
| 15 years | $345 |
| 17 years | $2,658 |
| 19 years | $4,970 |
| 21 years | $7,282 |
| 23 years | $9,595 |
| 25 years | $11,907 |
Top Solar Installers in Troy
Although it's possible to install solar panels by yourself, it requires extra labor and handiness. For that reason, most people choose to go with a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Troy
Factors that Affect Solar Panel Costs in Troy
For many Troy homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Troy, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Troy offer solar loans, which reduce the initial cost of installing solar.However, the interest on solar loans also increases your overall costs, so it’s crucial to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies in Troy, and each can charge different amounts for labor and equipment.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that offers the products, warranties and services you want and also fit into 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 | $4,584 | 19.5 years |
| 8 kW | $3.84 | $21,477 | $6,534 | 19.2 years |
| 10 kW | $3.76 | $26,320 | $8,694 | 18.8 years |
| 12 kW | $3.68 | $30,952 | $11,064 | 18.4 years |
| 14 kW | $3.61 | $35,374 | $13,645 | 18.0 years |
| 16 kW | $3.53 | $39,585 | $16,436 | 17.7 years |
| 18 kW | $3.46 | $43,586 | $19,438 | 17.3 years |
| 20 kW | $3.38 | $47,376 | $22,651 | 16.9 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:
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one mark of a quality company.
- Solar Panel Brands: The brand of solar panel you need plays a part in which company you should choose, since different companies have different panels.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Installation Process: One of the most important things to understand when going solar 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 secure and what the project timeline is.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Troy, IL Solar Cost FAQs
What is the average cost of installing solar panels in Troy?
This is a hard question to answer exactly, 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. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in Troy?
Solar panels aren’t free in Troy, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Troy?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How long do solar panels last in Troy?
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 higher 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.