Solar Panel Cost Guide in Lincoln, IL (2024 Update)
- Lincoln Solar Installation Cost: $16,651
- 25-Year Savings: $7,741
- Payback Period: 21.0 Years
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Average Cost of Solar Panels in Lincoln
Here’s how much it might cost to switch to solar power in Lincoln.
In Lincoln, solar panels cost about 4 per watt on average.Using this figure, a typical 6.3-kW system would cost about $16,651 before the 0 federal solar tax credit is applied.
How much you pay can be above or below the average in Lincoln depending on a few factors, such as the brand of solar panels you choose and the solar company you hire.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Lincoln can save about $12,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar installer in Lincoln for a customized estimate.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-15,800 |
| 3 years | $-14,099 |
| 5 years | $-12,397 |
| 7 years | $-10,696 |
| 9 years | $-8,995 |
| 11 years | $-7,293 |
| 13 years | $-5,592 |
| 15 years | $-3,891 |
| 17 years | $-2,190 |
| 19 years | $-488 |
| 21 years | $1,213 |
| 23 years | $2,914 |
| 25 years | $4,616 |
Top Solar Installers in Lincoln
Although it's possible to install solar panels on your own, it takes extra energy and expertise. That's why the majority of homeowners choose to hire a solar panel installer. Plus, if you’re unsure what kind of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
There are several licensed solar professionals that can help you install your solar panels. 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 Lincoln
Factors that Affect Solar Panel Costs in Lincoln
Though the average cost of a solar system in Lincoln is $16,651, your actual cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to 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. Additionally, add-on products, like solar batteries, can bump up your total well above the Lincoln average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lincoln to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to paying more over time because of interest.However, the interest on solar loans also adds to your overall costs, so it’s crucial to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Lincoln is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services for different budgets.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that has the products, warranties and services you’re looking for and also fits within your budget.
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 | $2,384 | 21.8 years |
| 8 kW | $3.84 | $21,477 | $3,600 | 21.4 years |
| 10 kW | $3.76 | $26,320 | $5,026 | 21.0 years |
| 12 kW | $3.68 | $30,952 | $6,663 | 20.6 years |
| 14 kW | $3.61 | $35,374 | $8,510 | 20.2 years |
| 16 kW | $3.53 | $39,585 | $10,568 | 19.7 years |
| 18 kW | $3.46 | $43,586 | $12,837 | 19.3 years |
| 20 kW | $3.38 | $47,376 | $15,316 | 18.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: If you care about the endurance of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: The brand of solar panel you’d like plays a part in which company you should choose, since different companies offer different panels.
- 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 if the company goes out of business.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar installer. Make sure you understand how the installation process will go and the project timeline.
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 Lincoln, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lincoln?
The average cost of solar panels in Lincoln is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind 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?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lincoln is currently $114,560, so you can expect a value of about $4,697 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lincoln is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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.