Solar Panel Cost Guide in Bonus, IL (2024 Update)
- Bonus Solar Installation Cost: $17,201
- 25-Year Savings: $11,551
- Payback Period: 17.9 Years
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Average Cost of Solar Panels in Bonus
Here’s how much it might cost to install solar panels in Bonus.
Although the national average of solar panels is $2.66 per watt, solar panels in Bonus typically cost around 4.Using this figure, a typical 6.5-kW system would cost about $17,201 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of equipment you want to get, your solar contractor and more.Even with the large upfront cost, the average Bonus homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the advantages 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 Bonus
| Year | Return on Investment |
|---|---|
| 1 years | $-16,045 |
| 3 years | $-13,733 |
| 5 years | $-11,421 |
| 7 years | $-9,108 |
| 9 years | $-6,796 |
| 11 years | $-4,484 |
| 13 years | $-2,171 |
| 15 years | $141 |
| 17 years | $2,454 |
| 19 years | $4,766 |
| 21 years | $7,078 |
| 23 years | $9,391 |
| 25 years | $11,703 |
Top Solar Installers in Bonus
When making the switch to solar, many homeowners prefer to go with a solar installer since installing a solar system yourself can be a time-consuming project. Plus, if you’re unsure what type of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Bonus
Factors that Affect Solar Panel Costs in Bonus
There are many factors that can determine your total 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
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 energy your household uses, the larger your system will likely need to be. You can expect to spend about $3,760 per kilowatt in Bonus.There are several different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Bonus homeowners choose to finance their solar panel systems to make going solar more affordable.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you select will play a role in your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, 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 | $5,647 | 18.6 years |
| 8 kW | $3.84 | $21,477 | $7,950 | 18.2 years |
| 10 kW | $3.76 | $26,320 | $10,464 | 17.9 years |
| 12 kW | $3.68 | $30,952 | $13,189 | 17.5 years |
| 14 kW | $3.61 | $35,374 | $16,124 | 17.2 years |
| 16 kW | $3.53 | $39,585 | $19,270 | 16.8 years |
| 18 kW | $3.46 | $43,586 | $22,626 | 16.5 years |
| 20 kW | $3.38 | $47,376 | $26,193 | 16.1 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Bonus, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Different companies have various brands and types of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Reputation: Make sure your solar panel 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 EcoWatch.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Bonus, IL Solar Cost FAQs
How much does it cost to install solar panels in Bonus?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 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 above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $735.69 per year.
How long do solar panels last in Bonus?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.