Solar Panel Cost Guide in Monee, IL (2024 Update)
- Monee Solar Installation Cost: $16,997
- 25-Year Savings: $10,271
- Payback Period: 18.8 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Monee
We break down average solar pricing in Monee.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monee, the typical cost of solar panels is 4 per watt.The average Monee homeowner needs a 6.5-kilowatt system, which would cost about $16,997 with the federal tax credit, or $24,306 before the 0 tax credit is applied.
These figures are just averages, and the cost of going solar for you will most likely differ based on your energy needs and what company you go with.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Monee can save about $13,000 on their electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Monee
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 Monee
Although you can install solar panels yourself, it requires extra time and know-how. Because of that, almost all homeowners choose to go with a solar panel installer. Some solar companies, especially local ones, can help you take advantage of incentives in Monee, optimizing your ROI.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Monee
Factors that Affect Solar Panel Costs in Monee
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Monee: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.There are several different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Monee to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time due to interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The company’s size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger 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 | $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
The solar installer you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- 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 company, such as what permits you should acquire and how long the project will take.
- Contract: Before you sign a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: The type of solar panel you need to get plays a part in which installer you should choose, since different companies provide different panels.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
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 Monee, IL Solar Cost FAQs
How much does it cost to install solar panels in Monee?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly 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 cost more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Do solar panels increase your property 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 Monee is currently $313,465, so you can look forward to a value of about $12,852 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Monee is a fruitful investment.
How long do solar panels last in Monee?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.