Solar Panel Cost Guide in Olney, IL (2024 Update)
- Olney Solar Installation Cost: $16,361
- 25-Year Savings: $14,919
- Payback Period: 15.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Olney
We break down average solar pricing in Olney.
In Olney, solar panels cost about 4 per watt on average.The average solar panel system size in Olney is around 6.2 kilowatts, meaning a cost of about $16,361 for a solar installation, or $23,396 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Olney homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.With typical savings of about $16,000 on energy bills over 20 years, many homeowners in Olney find installing solar panels can be quite rewarding.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Olney
| Year | Return on Investment |
|---|---|
| 1 years | $-15,510 |
| 3 years | $-13,809 |
| 5 years | $-12,108 |
| 7 years | $-10,406 |
| 9 years | $-8,705 |
| 11 years | $-7,004 |
| 13 years | $-5,302 |
| 15 years | $-3,601 |
| 17 years | $-1,900 |
| 19 years | $-199 |
| 21 years | $1,503 |
| 23 years | $3,204 |
| 25 years | $4,905 |
Top Solar Installers in Olney
When making the switch to solar, many homeowners prefer to hire a solar installer since overseeing your solar installation yourself can be a difficult project. Another advantage of working with a solar installer is that they can help you optimize your return of investment by bringing down your future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
Working with a vetted solar company can help you make the most of your investment in solar. 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 Olney
Factors that Affect Solar Panel Costs in Olney
While the average cost of a solar system in Olney is $16,361, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,760. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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, such as solar batteries, can bump up your total well above the Olney average.
Solar Financing Terms
Most solar companies in Olney have solar loans, which reduce your upfront costs of installing solar.However, the interest on solar loans also increases your all-in costs, so it’s vital to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Olney, and each can charge varying amounts for labor and equipment.Additionally, some companies in Olney are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $9,442 | 15.9 years |
| 8 kW | $3.84 | $21,477 | $13,011 | 15.6 years |
| 10 kW | $3.76 | $26,320 | $16,790 | 15.3 years |
| 12 kW | $3.68 | $30,952 | $20,780 | 15.0 years |
| 14 kW | $3.61 | $35,374 | $24,980 | 14.7 years |
| 16 kW | $3.53 | $39,585 | $29,391 | 14.3 years |
| 18 kW | $3.46 | $43,586 | $34,012 | 14.0 years |
| 20 kW | $3.38 | $47,376 | $38,844 | 13.7 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 select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies have different brands and models of panels. If you prefer a specific brand, make sure the solar panel company you’re considering has it.
- Contract: Read the contract terms closely to make sure you understand the total cost, completion timeline incentives and warranties.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
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 Olney, IL Solar Cost FAQs
What is the average cost of installing solar panels in Olney?
The average cost of solar panels in Olney 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 things like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Olney?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to 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 you sell solar power back to the grid in Olney?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
How long do solar panels last in Olney?
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 larger amount 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.