Solar Panel Cost Guide in Mount Carmel, IL (2024 Update)
- Mount Carmel Solar Installation Cost: $16,262
- 25-Year Savings: $15,872
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Mount Carmel
Let’s take a look at the average cost of solar panels in Mount Carmel.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Mount Carmel, the average cost of solar panels is 4 per watt.Using this figure, a typical 6.2-kW system would cost about $16,262 before the 0 federal solar tax credit is applied.
Remember 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 panels you want, your solar contractor and more.Many homeowners find going solar is a sound investment. The average homeowner in Mount Carmel can save about $17,000 on their energy bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Mount Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-14,964 |
| 3 years | $-12,368 |
| 5 years | $-9,771 |
| 7 years | $-7,175 |
| 9 years | $-4,579 |
| 11 years | $-1,983 |
| 13 years | $614 |
| 15 years | $3,210 |
| 17 years | $5,806 |
| 19 years | $8,402 |
| 21 years | $10,999 |
| 23 years | $13,595 |
| 25 years | $16,191 |
Top Solar Installers in Mount Carmel
Many homeowners opt for a solar panel installer since trying to install solar panels by yourself can be a lot of work. The payback period on an investment in solar panels will vary based on factors like your location and energy usage, but going with a solar company can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
There are a number of 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 Mount Carmel
Factors that Affect Solar Panel Costs in Mount Carmel
There are a number of criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,760.The solar equipment you choose can increase or decrease your cost 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, higher efficiency could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Mount Carmel average.
Solar Financing Terms
Many homeowners find the average cost of solar in Mount Carmel to be too steep, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in higher prices over time due to interest.When figuring out 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 go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating in Mount Carmel, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $10,456 | 15.3 years |
| 8 kW | $3.84 | $21,477 | $14,362 | 15.0 years |
| 10 kW | $3.76 | $26,320 | $18,479 | 14.7 years |
| 12 kW | $3.68 | $30,952 | $22,807 | 14.4 years |
| 14 kW | $3.61 | $35,374 | $27,345 | 14.1 years |
| 16 kW | $3.53 | $39,585 | $32,093 | 13.8 years |
| 18 kW | $3.46 | $43,586 | $37,052 | 13.5 years |
| 20 kW | $3.38 | $47,376 | $42,222 | 13.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Though reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
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 Mount Carmel, IL Solar Cost FAQs
What is the average cost of installing solar panels in Mount Carmel?
The average cost of solar panels in Mount Carmel 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 like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Mount Carmel?
A solar panel system isn’t free in Mount Carmel, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is switching to solar power worth it?
Solar panels can be a beneficial investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs 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 house 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.