Solar Panel Cost Guide in Bruce, IL (2024 Update)
- Bruce Solar Installation Cost: $16,938
- 25-Year Savings: $10,314
- Payback Period: 18.7 Years
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Average Cost of Solar Panels in Bruce
Let’s take a look at the average cost of solar panels in Bruce.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Bruce, the average cost of a solar system is 4 per watt.The average Bruce homeowner needs a 6.4-kilowatt system, which would cost about $16,938 with the federal tax credit, or $24,221 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what company you go with.Despite the high upfront cost, the average Bruce homeowner can save around $13,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Bruce
| Year | Return on Investment |
|---|---|
| 1 years | $-15,782 |
| 3 years | $-13,469 |
| 5 years | $-11,157 |
| 7 years | $-8,845 |
| 9 years | $-6,532 |
| 11 years | $-4,220 |
| 13 years | $-1,908 |
| 15 years | $405 |
| 17 years | $2,717 |
| 19 years | $5,029 |
| 21 years | $7,342 |
| 23 years | $9,654 |
| 25 years | $11,966 |
Top Solar Installers in Bruce
Although you can install solar panels by yourself, it involves extra labor and expertise. For that reason, almost all homeowners choose to go with a solar panel installer. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're looking for a solar company in Bruce, the EcoWatch team has organized a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
See all of the solar companies in Bruce
Factors that Affect Solar Panel Costs in Bruce
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Bruce: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Bruce, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Bruce, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Bruce, you’ll have a great number of options to choose from, but each comes at various price points 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 equipment 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 | $3.91 | $16,424 | $4,658 | 19.5 years |
| 8 kW | $3.84 | $21,477 | $6,632 | 19.1 years |
| 10 kW | $3.76 | $26,320 | $8,816 | 18.7 years |
| 12 kW | $3.68 | $30,952 | $11,211 | 18.4 years |
| 14 kW | $3.61 | $35,374 | $13,816 | 18.0 years |
| 16 kW | $3.53 | $39,585 | $16,632 | 17.6 years |
| 18 kW | $3.46 | $43,586 | $19,659 | 17.2 years |
| 20 kW | $3.38 | $47,376 | $22,896 | 16.9 years |
How to Save on Solar Panels
The company that does your solar 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:
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Solar Panel Brands: The model of solar panel you want to install plays a role in which installer you should opt for, since different companies have different panels.
- Installation Process: When making the switch to solar power, it’s essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
EcoWatch's Bruce, IL Solar Cost FAQs
What is the average cost of installing solar panels in Bruce?
This is a tough question to answer precisely, because the cost depends on a variety of 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 be more expensive if you want additional solar equipment or higher quality 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 less expensive solar panels.
Is it better to lease or buy solar panels in Bruce?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is switching to solar power worth it?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already fairly low, solar panels might not be for you.
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 typically produce about 250 to 400 watt-hours per hour, the average household 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.