Solar Panel Cost Guide in Chatham, IL (2024 Update)
- Chatham Solar Installation Cost: $16,461
- 25-Year Savings: $12,950
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Chatham
Here’s how much it might cost to go solar in Chatham.
While the national average of solar panels is $2.66 per watt, solar panels in Chatham typically cost about 4.Since a 6.3-kW system is needed to cover the energy usage of a typical home in Chatham, the average price of going solar will be about $16,461 after claiming the federal solar tax credit of 0.
These figures are only averages, and the cost of going solar for you will most likely look different based on your specific situation and what company you want to go with.Even with the high upfront cost, the average Chatham homeowner can save about $15,000 on their energy bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a pre-vetted solar company in Chatham for a quote for your home.
Solar savings over time in Chatham
| Year | Return on Investment |
|---|---|
| 1 years | $-15,610 |
| 3 years | $-13,909 |
| 5 years | $-12,208 |
| 7 years | $-10,506 |
| 9 years | $-8,805 |
| 11 years | $-7,104 |
| 13 years | $-5,402 |
| 15 years | $-3,701 |
| 17 years | $-2,000 |
| 19 years | $-299 |
| 21 years | $1,403 |
| 23 years | $3,104 |
| 25 years | $4,805 |
Top Solar Installers in Chatham
Trying to put up solar panels yourself can be a challenging task, which is why hiring a solar installer is a good option for many homeowners. Another upside of utilizing a solar installer is that they can help you optimize your ROI by cutting back on future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Chatham
Factors that Affect Solar Panel Costs in Chatham
For many Chatham homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Chatham, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Chatham, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also affects the cost. Usually, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking to get 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
Many homeowners find the average cost of solar in Chatham to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.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’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Chatham, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Chatham are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $7,466 | 17.2 years |
| 8 kW | $3.84 | $21,477 | $10,376 | 16.9 years |
| 10 kW | $3.76 | $26,320 | $13,497 | 16.5 years |
| 12 kW | $3.68 | $30,952 | $16,828 | 16.2 years |
| 14 kW | $3.61 | $35,374 | $20,369 | 15.9 years |
| 16 kW | $3.53 | $39,585 | $24,121 | 15.5 years |
| 18 kW | $3.46 | $43,586 | $28,084 | 15.2 years |
| 20 kW | $3.38 | $47,376 | $32,257 | 14.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
- Solar Panel Brands: Different companies have different brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: If you care about the endurance of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Before signing a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
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 Chatham, IL Solar Cost FAQs
What is the average cost of installing solar panels in Chatham?
The average cost of solar panels in Chatham 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 type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration 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 your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Chatham?
Although 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 choose 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.