Solar Panel Cost Guide in Addison, WI (2023 Update)
- Addison Solar Installation Cost: $13,062
- 25-Year Savings: $24,948
- Payback Period: 8.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Addison
Let's have a look at the average cost of solar panels in Addison.
In Addison, solar panels cost about 2.6 per watt on average. To account for the typical energy usage of the average home in Addison, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $13,068, or $18,687 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and your own solar costs will most likely look different based on factors unique to your home and what company you want to go with. Despite the high initial cost, the average Addison homeowner can save around $20,000 on their power bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Addison
| Year | Return on Investment |
|---|---|
| 1 years | $-11,766 |
| 3 years | $-9,175 |
| 5 years | $-6,584 |
| 7 years | $-3,993 |
| 9 years | $-1,402 |
| 11 years | $1,189 |
| 13 years | $3,780 |
| 15 years | $6,371 |
| 17 years | $8,962 |
| 19 years | $11,553 |
| 21 years | $14,144 |
| 23 years | $16,735 |
| 25 years | $19,326 |
Top Solar Installers in Addison
Many homeowners opt for a solar panel company since trying to install solar panels yourself can be time-consuming. The payback period on an investment in solar panels will vary based on factors like your roof configuration and energy consumption, but working with a solar company can shorten it. Your provider will be able to help you apply for incentives available in your area.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some nearby:
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 Addison
Factors that Affect Solar Panel Costs in Addison
The cost of installing a solar system in Addison can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $2,600 per kilowatt in Addison. There are a lot of different solar panel brands and the one you pick also affects the cost. In general, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you're looking to get 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
If paying for solar panels in cash is out of reach, solar loans are a popular route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Addison, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. The size of the company sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount 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 | $2.70 | $11,357 | $20,421 | 8.9 years |
| 8 kW | $2.65 | $14,851 | $27,519 | 8.8 years |
| 10 kW | $2.60 | $18,200 | $34,762 | 8.6 years |
| 12 kW | $2.55 | $21,403 | $42,152 | 8.4 years |
| 14 kW | $2.50 | $24,461 | $49,687 | 8.2 years |
| 16 kW | $2.44 | $27,373 | $57,367 | 8.1 years |
| 18 kW | $2.39 | $30,139 | $65,193 | 7.9 years |
| 20 kW | $2.34 | $32,760 | $73,165 | 7.7 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Contract: Before you sign a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
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 Addison, WI Solar Cost FAQs
What is the average cost of installing solar panels in Addison?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,000 for a 5-kW system and $26,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Addison?
Leasing solar panels can be an option if you can't 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 property 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.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,059.25 per year.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.