Solar Panel Cost Guide in Edwardsville, IL (2024 Update)
- Edwardsville Solar Installation Cost: $16,101
- 25-Year Savings: $10,565
- Payback Period: 18.1 Years
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Average Cost of Solar Panels in Edwardsville
See how much it might cost to make the switch to solar in Edwardsville.
In Edwardsville, solar panels cost about 4 per watt on average.To account for the typical energy usage of the average home in Edwardsville, most homeowners require a 6.1-kilowatt system. Using the figure above, a solar installation costs around $16,101, or $23,024 before the federal solar tax credit of 0 is applied.
The true price you pay can be higher or lower than the average in Edwardsville based on several factors, such as the kind of solar panels you choose and the solar installer you hire.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Edwardsville
| Year | Return on Investment |
|---|---|
| 1 years | $-15,250 |
| 3 years | $-13,549 |
| 5 years | $-11,848 |
| 7 years | $-10,147 |
| 9 years | $-8,445 |
| 11 years | $-6,744 |
| 13 years | $-5,043 |
| 15 years | $-3,341 |
| 17 years | $-1,640 |
| 19 years | $61 |
| 21 years | $1,763 |
| 23 years | $3,464 |
| 25 years | $5,165 |
Top Solar Installers in Edwardsville
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make swapping over to solar power much easier. Solar companies offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Edwardsville
Factors that Affect Solar Panel Costs in Edwardsville
There are a number of criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy 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 pay around $3,760 per kilowatt in Edwardsville.The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in Edwardsville, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Edwardsville, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $5,405 | 18.8 years |
| 8 kW | $3.84 | $21,477 | $7,627 | 18.4 years |
| 10 kW | $3.76 | $26,320 | $10,060 | 18.1 years |
| 12 kW | $3.68 | $30,952 | $12,704 | 17.7 years |
| 14 kW | $3.61 | $35,374 | $15,558 | 17.4 years |
| 16 kW | $3.53 | $39,585 | $18,623 | 17.0 years |
| 18 kW | $3.46 | $43,586 | $21,899 | 16.6 years |
| 20 kW | $3.38 | $47,376 | $25,385 | 16.3 years |
How to Save on Solar Panels
There are a large number of companies available in Edwardsville, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project timeline.
- Warranty: If you care about the endurance of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
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 Edwardsville, IL Solar Cost FAQs
What is the average cost of installing solar panels in Edwardsville?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally 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 other solar equipment or higher quality panels, or if you have above-average energy usage. 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 other than cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Edwardsville is currently $291,683, which means you can look forward to a value of about $11,959 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Edwardsville is a fruitful investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.