Solar Panel Cost Guide in Wood River, IL (2023 Update)
- Wood River Solar Installation Cost: $11,695
- 25-Year Savings: $10,580
- Payback Period: 13.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Wood River
We break down average solar pricing in Wood River.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wood River, the typical cost of a solar system is 2.73 per watt. To cover the typical energy usage of the average home in Wood River, most homeowners require a 6.1-kilowatt system. Using the figure above, a solar installation costs around $11,695, or $16,724 before the federal solar tax credit of 30% is applied.
The actual price you pay can be above or below the average in Wood River based on a variety of factors, such as the model of solar panels you choose and the solar installer you hire. Despite the large upfront cost, the average Wood River homeowner can save around $14,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a top solar installer in Wood River that can help you get a more accurate cost estimate for your home.
Solar savings over time in Wood River
| Year | Return on Investment |
|---|---|
| 1 years | $-10,804 |
| 3 years | $-9,022 |
| 5 years | $-7,240 |
| 7 years | $-5,458 |
| 9 years | $-3,676 |
| 11 years | $-1,894 |
| 13 years | $-112 |
| 15 years | $1,670 |
| 17 years | $3,452 |
| 19 years | $5,234 |
| 21 years | $7,016 |
| 23 years | $8,798 |
| 25 years | $10,580 |
Top Solar Installers in Wood River
Installing solar panels on your own can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. The expertise that solar companies provide can be invaluable as well, particularly if you aren't sure what kind of solar equipment would be right for your home.
You can get a free estimate from a local solar installer on the cost of solar panels 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Wood River
Factors that Affect Solar Panel Costs in Wood River
There are several criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the price of a solar panel system in Wood River, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Wood River, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Wood River offer solar loans, which reduce the initial cost of installing solar. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Wood River is the company you get to install your solar system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services for different budgets. The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $9,923 | 13.6 years |
| 8 kW | $2.78 | $15,594 | $13,536 | 13.4 years |
| 10 kW | $2.73 | $19,110 | $17,302 | 13.1 years |
| 12 kW | $2.68 | $22,473 | $21,221 | 12.9 years |
| 14 kW | $2.62 | $25,684 | $25,293 | 12.6 years |
| 16 kW | $2.57 | $28,741 | $29,518 | 12.3 years |
| 18 kW | $2.51 | $31,646 | $33,895 | 12.1 years |
| 20 kW | $2.46 | $34,398 | $38,426 | 11.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose greatly affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two 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 positive reviews from past customers.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: The kind of solar panel you need to get plays a role in which company you should go with, since different companies have access to different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Wood River, IL Solar Cost FAQs
What is the average cost of installing solar panels in Wood River?
This is a difficult question to answer exactly, because the cost depends on a few different 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Wood River?
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 bang for your buck from going solar.
Can solar panels significantly reduce my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Wood River, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.