Solar Panel Cost Guide in Troy, IL (2023 Update)
- Troy Solar Installation Cost: $12,345
- 25-Year Savings: $10,267
- Payback Period: 13.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Troy
Here's how much it might cost to go solar in Troy.
While the national average of solar panels is $2.66 per watt, solar panels in Troy typically cost about 2.73. 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 about $12,345, or $17,653 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what installation company you go with. Even with the significant upfront cost, the average Troy homeowner can save about $13,000 on their energy bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a vetted solar installer in Troy for a quote for your home.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-11,441 |
| 3 years | $-9,632 |
| 5 years | $-7,823 |
| 7 years | $-6,014 |
| 9 years | $-4,205 |
| 11 years | $-2,396 |
| 13 years | $-587 |
| 15 years | $1,222 |
| 17 years | $3,031 |
| 19 years | $4,840 |
| 21 years | $6,649 |
| 23 years | $8,458 |
| 25 years | $10,267 |
Top Solar Installers in Troy
Installing solar panels yourself can be a difficult task, which is why getting a solar installation company is a good option for many homeowners. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Troy
Factors that Affect Solar Panel Costs in Troy
For many Troy homeowners, the decision to install solar panels 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 a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,730. There are many different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Troy to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. 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 more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Troy is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services for different budgets. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $9,083 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,417 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $15,904 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,543 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,335 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,280 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,378 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,629 | 12.3 years |
How to Save on Solar Panels
There are many companies available in Troy, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of 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 satisfied reviews from past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Troy, IL Solar Cost FAQs
How much does it cost to install solar panels in Troy?
The average cost of solar panels in Troy 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Troy?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't choose 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 a solar system."
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 decreases 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.