Solar Panel Cost Guide in Urbana, IL (2024 Update)
- Urbana Solar Installation Cost: $16,614
- 25-Year Savings: $11,036
- Payback Period: 18.0 Years
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Average Cost of Solar Panels in Urbana
Find out how much it might cost to install solar panels in Urbana.
In Urbana, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Urbana, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs around $16,614, or $23,758 before the federal solar tax credit of 0 is applied.
The actual price you pay can be above or below the average in Urbana based on several factors, such as the brand of solar panels you choose and the solar installer you hire.But, once you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $14,000 over 20 years on electricity bills.
You can click the button below to get connected with a pre-vetted solar installer in Urbana that can help you get a more accurate cost estimate for your home.
Solar savings over time in Urbana
| Year | Return on Investment |
|---|---|
| 1 years | $-15,763 |
| 3 years | $-14,062 |
| 5 years | $-12,361 |
| 7 years | $-10,659 |
| 9 years | $-8,958 |
| 11 years | $-7,257 |
| 13 years | $-5,556 |
| 15 years | $-3,854 |
| 17 years | $-2,153 |
| 19 years | $-452 |
| 21 years | $1,250 |
| 23 years | $2,951 |
| 25 years | $4,652 |
Top Solar Installers in Urbana
Putting up solar panels by yourself can be a time-consuming project, which is why getting a solar installer is a good option for many homeowners. In addition, if you’d like to maximize your investment in solar power, going with a solar company can help with that as well. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to go solar but still aren’t sure which solar installer to go with, here are our suggestions for providers in Urbana:
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 Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Urbana
Factors that Affect Solar Panel Costs in Urbana
For many Urbana homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Urbana, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,760. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Urbana, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installation company you pick will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $5,532 | 18.7 years |
| 8 kW | $3.84 | $21,477 | $7,797 | 18.3 years |
| 10 kW | $3.76 | $26,320 | $10,272 | 18.0 years |
| 12 kW | $3.68 | $30,952 | $12,958 | 17.6 years |
| 14 kW | $3.61 | $35,374 | $15,855 | 17.3 years |
| 16 kW | $3.53 | $39,585 | $18,962 | 16.9 years |
| 18 kW | $3.46 | $43,586 | $22,280 | 16.5 years |
| 20 kW | $3.38 | $47,376 | $25,809 | 16.2 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly affects 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:
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Urbana, IL Solar Cost FAQs
What is the average cost of installing solar panels in Urbana?
The average cost of solar panels in Urbana is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Urbana?
Leasing solar panels can be an attractive choice, because it commonly 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on energy bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Urbana, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.