Solar Panel Cost Guide in Wood River, IL (2024 Update)

  • Wood River Solar Installation Cost: $16,101
  • 25-Year Savings: $10,585
  • Payback Period: 18.1 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Wood River

Let’s take a look at the average cost of solar in Wood River.

The national average cost of solar panels is $2.66 per watt, but in Wood River it’s 4 per watt.Since a 6.1-kW system is needed to cover the energy consumption of a typical home in Wood River, the average price of going solar will be about $16,101 after claiming the federal solar tax credit of 0.

The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with.For many homeowners, the upfront investment in solar power is worth paying. On average Wood River homeowners see about $14,000 in savings on electricity bills over 20 years.

To get a free quote from a highly rated solar company in Wood River, you can click the button below.

Solar savings over time in Wood River

Year Return on Investment
1 years $-15,250
3 years $-13,549
5 years $-11,848
7 years $-10,147
9 years $-8,445
11 years $-6,744
13 years $-5,043
15 years $-3,341
17 years $-1,640
19 years $61
21 years $1,763
23 years $3,464
25 years $5,165

Top Solar Installers in Wood River

When switching to solar energy, many homeowners choose to use a solar installer since putting up solar panels yourself can be a difficult project. The payback period on an investment in solar panels will vary based on factors like your location and energy consumption, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.

If you’d like to make the switch to solar but still aren’t certain which solar company to go with, here are our suggestions for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Wood River

Factors that Affect Solar Panel Costs in Wood River

Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Wood River: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, 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 type of 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, more efficient panels could save you more in the long run on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Wood River average.

Solar Financing Terms

Most solar companies in Wood River offer solar loans, which reduce the initial cost of installing solar panels.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Wood River, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and decide on the company that has the products, warranties and services you want and also fits within your budget.

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 $5,424 18.8 years
8 kW $3.84 $21,477 $7,652 18.4 years
10 kW $3.76 $26,320 $10,092 18.1 years
12 kW $3.68 $30,952 $12,742 17.7 years
14 kW $3.61 $35,374 $15,603 17.3 years
16 kW $3.53 $39,585 $18,674 17.0 years
18 kW $3.46 $43,586 $21,956 16.6 years
20 kW $3.38 $47,376 $25,448 16.3 years

How to Save on Solar Panels

Since the type of solar panels and the installation company you choose has an impact on 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 have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
  • Contract: Even though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
  • Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide high-quality solar panel installation and expertise.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Wood River, IL Solar Cost FAQs

How much does it cost to install solar panels in Wood River?

The average cost of solar panels in Wood River is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.

Are solar panels free in Wood River?

You can’t get solar panels for free in Wood River. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.

Can solar panels eliminate my electricity bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Wood River, that will require at least a 10-kW system. Not all homes 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 long do solar panels last in Wood River?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.

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