Solar Panel Cost Guide in Marshall, IL (2024 Update)
- Marshall Solar Installation Cost: $16,536
- 25-Year Savings: $11,548
- Payback Period: 17.6 Years
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Average Cost of Solar Panels in Marshall
Let’s have a look at the average cost of solar in Marshall.
The average cost of a solar system in Marshall is 4 per watt.To account for the typical energy needs of the average home in Marshall, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,536, or $23,646 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of solar system you want, your solar contractor and more.But, once you've paid the initial cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $14,000 over 20 years on energy bills.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Marshall
| Year | Return on Investment |
|---|---|
| 1 years | $-15,685 |
| 3 years | $-13,984 |
| 5 years | $-12,283 |
| 7 years | $-10,582 |
| 9 years | $-8,880 |
| 11 years | $-7,179 |
| 13 years | $-5,478 |
| 15 years | $-3,776 |
| 17 years | $-2,075 |
| 19 years | $-374 |
| 21 years | $1,327 |
| 23 years | $3,029 |
| 25 years | $4,730 |
Top Solar Installers in Marshall
Although you can install solar panels yourself, it takes extra time and expertise. Because of that, almost all homeowners choose to go with a solar panel installer. Another benefit of utilizing a solar company is that they can help you optimize your investment by lowering your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 Marshall
Factors that Affect Solar Panel Costs in Marshall
For many Marshall homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Marshall, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The model of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Marshall homeowners choose to finance their solar panel systems to make going solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you select will influence your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $6,070 | 18.3 years |
| 8 kW | $3.84 | $21,477 | $8,515 | 17.9 years |
| 10 kW | $3.76 | $26,320 | $11,170 | 17.6 years |
| 12 kW | $3.68 | $30,952 | $14,036 | 17.2 years |
| 14 kW | $3.61 | $35,374 | $17,112 | 16.8 years |
| 16 kW | $3.53 | $39,585 | $20,399 | 16.5 years |
| 18 kW | $3.46 | $43,586 | $23,896 | 16.1 years |
| 20 kW | $3.38 | $47,376 | $27,604 | 15.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose significantly influences your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the completion timeline.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a quality company.
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 Marshall, IL Solar Cost FAQs
What is the average cost of installing solar panels in Marshall?
This is a tough question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Marshall?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 bang for your buck from going solar.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $749.80 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.