Solar Panel Cost Guide in Canteen, IL (2024 Update)
- Canteen Solar Installation Cost: $16,000
- 25-Year Savings: $9,226
- Payback Period: 19.2 Years
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Average Cost of Solar Panels in Canteen
We break down average solar pricing in Canteen.
The national average cost of solar panels is $2.66 per watt, but in Canteen it’s 4 per watt.The average Canteen homeowner needs a 6.1-kilowatt system, which would cost about $16,000 with the federal tax credit, or $22,880 before the 0 tax credit is applied.
These figures are only estimates, and how much solar costs for you may differ based on factors unique to your home and what company you go with.Many homeowners find going solar is a sound investment. The average homeowner in Canteen can save about $13,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar installer in Canteen for a custom estimate.
Solar savings over time in Canteen
| Year | Return on Investment |
|---|---|
| 1 years | $-15,149 |
| 3 years | $-13,448 |
| 5 years | $-11,746 |
| 7 years | $-10,045 |
| 9 years | $-8,344 |
| 11 years | $-6,643 |
| 13 years | $-4,941 |
| 15 years | $-3,240 |
| 17 years | $-1,539 |
| 19 years | $163 |
| 21 years | $1,864 |
| 23 years | $3,565 |
| 25 years | $5,267 |
Top Solar Installers in Canteen
Although you can install solar panels yourself, it takes extra labor and know-how. That's one of the reasons almost all homeowners choose a solar panel installer. Another benefit of using a solar installer is that they can help you make the most of your return of investment by bringing down your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
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 Canteen
Factors that Affect Solar Panel Costs in Canteen
Though the average cost of a solar system in Canteen is $16,000, your actual cost may differ. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,760. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. In addition, extra products, like solar batteries, can bring your total well above the Canteen average.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid choice because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you hire to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies in Canteen, and each can charge varying amounts for labor and equipment.Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $4,148 | 20.0 years |
| 8 kW | $3.84 | $21,477 | $5,952 | 19.6 years |
| 10 kW | $3.76 | $26,320 | $7,967 | 19.2 years |
| 12 kW | $3.68 | $30,952 | $10,192 | 18.8 years |
| 14 kW | $3.61 | $35,374 | $12,628 | 18.4 years |
| 16 kW | $3.53 | $39,585 | $15,274 | 18.0 years |
| 18 kW | $3.46 | $43,586 | $18,130 | 17.7 years |
| 20 kW | $3.38 | $47,376 | $21,198 | 17.3 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. Because selecting a company can be difficult, we have some tips to help you, such as:
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 Canteen, IL Solar Cost FAQs
How much does it cost to install solar panels in Canteen?
The average cost of solar panels in Canteen 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 like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Canteen?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The drawback 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 maximize your savings.
How will having solar panels impact my home value?
Solar panels can increase your property’s value remarkably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much 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 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.