Solar Panel Cost Guide in Machesney Park, IL (2024 Update)
- Machesney Park Solar Installation Cost: $17,167
- 25-Year Savings: $12,456
- Payback Period: 17.2 Years
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Average Cost of Solar Panels in Machesney Park
Find out what the average cost of solar panel installation is in Machesney Park.
The average cost of a solar panel system in Machesney Park is 4 per watt.Because a 6.5-kW system is needed to cover the energy consumption of a typical home in Machesney Park, the average price of going solar will be about $17,167 after claiming the federal solar tax credit of 0.
These figures are just estimates, and your own solar costs will vary based on factors unique to your home and what company you choose to go with.But, after you've paid the upfront cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $15,000 over 20 years on energy bills.
Click the button below to get connected to a vetted solar company in Machesney Park for a custom estimate.
Solar savings over time in Machesney Park
| Year | Return on Investment |
|---|---|
| 1 years | $-16,011 |
| 3 years | $-13,698 |
| 5 years | $-11,386 |
| 7 years | $-9,074 |
| 9 years | $-6,761 |
| 11 years | $-4,449 |
| 13 years | $-2,137 |
| 15 years | $176 |
| 17 years | $2,488 |
| 19 years | $4,801 |
| 21 years | $7,113 |
| 23 years | $9,425 |
| 25 years | $11,738 |
Top Solar Installers in Machesney Park
Trying to install solar panels on your own can be a time-consuming task, which is why using a solar installation company is a good option for many homeowners. A solar installer can also help save you money in the long run by providing warranties, repairs and component replacements.
If you're on the hunt for a solar installer in Machesney Park, we've organized a list of our top suggestions here:
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 Machesney Park
Factors that Affect Solar Panel Costs in Machesney Park
The cost of installing a solar system in Machesney Park can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, 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 nearly $3,760. The brand and kind of equipment you choose for your solar system can raise or lower 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Machesney Park homeowners decide to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installer you pick will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Machesney Park are more knowledgeable 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 end up saving you 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 | $6,500 | 17.9 years |
| 8 kW | $3.84 | $21,477 | $9,088 | 17.6 years |
| 10 kW | $3.76 | $26,320 | $11,887 | 17.2 years |
| 12 kW | $3.68 | $30,952 | $14,896 | 16.9 years |
| 14 kW | $3.61 | $35,374 | $18,116 | 16.5 years |
| 16 kW | $3.53 | $39,585 | $21,546 | 16.2 years |
| 18 kW | $3.46 | $43,586 | $25,187 | 15.8 years |
| 20 kW | $3.38 | $47,376 | $29,038 | 15.5 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 find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of 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 past customers.
- Contract: When looking over your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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 Machesney Park, IL Solar Cost FAQs
How much does it cost to install solar panels in Machesney Park?
The average cost of solar panels in Machesney Park 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 type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Machesney Park?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels completely eradicate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Machesney Park, 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 contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.