Solar Panel Cost Guide in Homer, IL (2024 Update)
- Homer Solar Installation Cost: $16,997
- 25-Year Savings: $10,271
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Homer
Here’s how much it might cost to go solar in Homer.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Homer, the average cost of a solar system is 4 per watt.The average solar panel system size in Homer is around 6.5 kilowatts, meaning a cost of about $16,997 for a solar installation, or $24,306 before the 0 federal solar tax credit is applied.
The actual price you pay can go above or below the average in Homer based on several factors, such as the brand of solar panels you choose and the solar installer you hire.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $13,000 in savings on energy bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Homer
| Year | Return on Investment |
|---|---|
| 1 years | $-15,841 |
| 3 years | $-13,529 |
| 5 years | $-11,216 |
| 7 years | $-8,904 |
| 9 years | $-6,592 |
| 11 years | $-4,279 |
| 13 years | $-1,967 |
| 15 years | $345 |
| 17 years | $2,658 |
| 19 years | $4,970 |
| 21 years | $7,282 |
| 23 years | $9,595 |
| 25 years | $11,907 |
Top Solar Installers in Homer
Although you can install solar panels yourself, it takes extra energy and handiness. Because of that, almost all homeowners choose to hire a solar panel installer. Another great thing about going with a reputable solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
If you’d like to go solar but still aren’t sure which solar system installer to go with, here are our suggestions for providers in Homer:
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 Homer
Factors that Affect Solar Panel Costs in Homer
The cost of installing a solar system in Homer can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Homer, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Homer homeowners decide to finance their solar panel systems to offset upfront costs.You’ll have to consider the long-term cost of financing options, 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 principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Homer is the company you hire to install your solar panel system. As with choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that offer a range of services at different price points.Additionally, some companies in Homer know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 | $4,584 | 19.5 years |
| 8 kW | $3.84 | $21,477 | $6,534 | 19.2 years |
| 10 kW | $3.76 | $26,320 | $8,694 | 18.8 years |
| 12 kW | $3.68 | $30,952 | $11,064 | 18.4 years |
| 14 kW | $3.61 | $35,374 | $13,645 | 18.0 years |
| 16 kW | $3.53 | $39,585 | $16,436 | 17.7 years |
| 18 kW | $3.46 | $43,586 | $19,438 | 17.3 years |
| 20 kW | $3.38 | $47,376 | $22,651 | 16.9 years |
How to Save on Solar Panels
There are numerous companies available in Homer, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: The kind of solar panel you want plays a part in which installer you should choose, since different companies provide different panels.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
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 Homer, IL Solar Cost FAQs
How much does it cost to install solar panels in Homer?
The average cost of solar panels in Homer 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Homer?
Leasing solar panels can be an attractive choice, because it often 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels completely eradicate my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Homer, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
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 the amount of 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 continue to use 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.