Solar Panel Cost Guide in Wood River, IL (2024 Update)
- Wood River Solar Installation Cost: $16,101
- 25-Year Savings: $10,585
- Payback Period: 18.1 Years
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Average Cost of Solar Panels in Wood River
Let’s take a look at the average cost of solar 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 4 per watt.The average solar panel system size in Wood River is around 6.1 kilowatts, meaning a cost of about $16,101 for a solar installation, or $23,024 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Wood River homeowners. 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.For most homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.
Click the button below to get connected to a reputable solar panel company in Wood River for a custom estimate.
Solar savings over time in Wood River
| Year | Return on Investment |
|---|---|
| 1 years | $-15,250 |
| 3 years | $-13,549 |
| 5 years | $-11,848 |
| 7 years | $-10,147 |
| 9 years | $-8,445 |
| 11 years | $-6,744 |
| 13 years | $-5,043 |
| 15 years | $-3,341 |
| 17 years | $-1,640 |
| 19 years | $61 |
| 21 years | $1,763 |
| 23 years | $3,464 |
| 25 years | $5,165 |
Top Solar Installers in Wood River
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make switching to solar power much easier. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.
If you're on the hunt for a solar installer in Wood River, we've organized a list of our top suggestions here:
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 Wood River
Factors that Affect Solar Panel Costs in Wood River
There are many criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the price of a solar system in Wood River, one of the most important 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 usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.The type of solar panels and equipment you want is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Wood River to be too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest.However, the interest on solar loans also increases your all-in costs, so it’s important to include that in your estimate as well. You can always bring down the total you pay in interest and possibly 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 role in your total costs. There are about 3 solar installation companies in Wood River, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials 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 | $5,424 | 18.8 years |
| 8 kW | $3.84 | $21,477 | $7,652 | 18.4 years |
| 10 kW | $3.76 | $26,320 | $10,092 | 18.1 years |
| 12 kW | $3.68 | $30,952 | $12,742 | 17.7 years |
| 14 kW | $3.61 | $35,374 | $15,603 | 17.3 years |
| 16 kW | $3.53 | $39,585 | $18,674 | 17.0 years |
| 18 kW | $3.46 | $43,586 | $21,956 | 16.6 years |
| 20 kW | $3.38 | $47,376 | $25,448 | 16.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: The model of solar panel you need to install plays a part in which installer you should go with, since different companies have different panels.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
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 Wood River, IL Solar Cost FAQs
How much does it cost to install solar panels in Wood River?
The average cost of solar panels in Wood River is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Wood River?
You can’t get solar panels for free in Wood River. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout 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?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.