Solar Panel Cost Guide in Whitmore, IL (2023 Update)
- Whitmore Solar Installation Cost: $12,028
- 25-Year Savings: $16,036
- Payback Period: 10.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Whitmore
Find out what the average cost of solar panel installation is in Whitmore.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Whitmore, the typical cost of solar panels is 2.73 per watt. The average Whitmore homeowner needs a 6.3-kilowatt system, which would cost about $12,020 with the federal tax credit, or $17,189 before the 30% tax credit is applied.
How much you pay can be higher or lower than the average in Whitmore depending on several factors, such as the model of solar panels you choose and the solar contractor you hire. With typical savings of about $17,000 on power bills over 20 years, many homeowners in Whitmore find installing solar panels can pay off big.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Whitmore
| Year | Return on Investment |
|---|---|
| 1 years | $-11,177 |
| 3 years | $-9,476 |
| 5 years | $-7,774 |
| 7 years | $-6,073 |
| 9 years | $-4,372 |
| 11 years | $-2,670 |
| 13 years | $-969 |
| 15 years | $732 |
| 17 years | $2,433 |
| 19 years | $4,135 |
| 21 years | $5,836 |
| 23 years | $7,537 |
| 25 years | $9,239 |
Top Solar Installers in Whitmore
When switching to solar energy, many homeowners opt to go with a solar company since DIY solar panel installation can be a challenging project. The expertise that solar companies provide can be invaluable as well, particularly if you don't quite know what brand of solar equipment you need.
There are several licensed solar professionals that can help you install your solar panels. 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 Whitmore
Factors that Affect Solar Panel Costs in Whitmore
The cost of installing a solar system in Whitmore can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Whitmore average.
Solar Financing Terms
Many homeowners find the average cost of solar in Whitmore to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. It's wise to include 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 off the loan.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Whitmore, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $14,828 | 11.1 years |
| 8 kW | $2.78 | $15,594 | $20,077 | 10.9 years |
| 10 kW | $2.73 | $19,110 | $25,478 | 10.7 years |
| 12 kW | $2.68 | $22,473 | $31,032 | 10.5 years |
| 14 kW | $2.62 | $25,684 | $36,740 | 10.3 years |
| 16 kW | $2.57 | $28,741 | $42,600 | 10.1 years |
| 18 kW | $2.51 | $31,646 | $48,612 | 9.9 years |
| 20 kW | $2.46 | $34,398 | $54,778 | 9.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The brand of solar panel you need plays a role in which installer you should go with, since different companies have access to different panels.
- Contract: Before you sign a contract with a solar installer, be sure to read it through fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Well-established companies likely have a solid 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.
- Warranty: If you care about the endurance of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Whitmore, IL Solar Cost FAQs
What is the average cost of installing solar panels in Whitmore?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Whitmore?
Leasing solar panels can be an option if you are unable 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 financial benefits from going solar.
How will installing solar panels impact my home value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go for 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 often do you have to replace solar panels?
On average, solar panels can last 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 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.