Solar Panels Cost $7.5k-$17k in Champaign, IL | September, 2024

Electricity Costs in Champaign, IL & What that Means for Your Solar Panel Pricing

Champaign residents generally have an average monthly electric bill of $134.60 per month, with an average consumption of 723 kWh. Smaller homes, including condos and bungalows, are also part of the numbers mentioned in the previous sentence.

In September 2024, the average electricity rate in Champaign, IL is 18.61¢ per kWh.

The typical electricity consumer in Champaign has to have a 7 kW or larger solar setup to cover their full electricity usage demands. Right now, a 7 kW setup is priced at around $25,200 initially, but after the 30% federal tax credit, the total comes to $17,640.

Are solar panels worth it in Illinois?

If you plan to own your residence longer than the solar system's payback period, solar panels are a good investment in Champaign. A 5 kW system in Champaign, IL will save the average homeowner, on average, $19,704 over a 20 period and the average break even point is 8 years.

The cost of not having solar panels in Champaign, IL

Besides missing out on the previously mentioned savings, not installing solar panels or a separate backup energy source results in complete dependence on your electric utility for electricity. Recent news has proven that total reliance on your utility company isn't always ideal.

The average number of outages per customer per year in Champaign is 0.97. Typically, outages have an average duration of 110.6 minutes. However, during significant events such as earthquakes, vandalism, or overloaded power grids, these times can drastically increase.

Having a solar panel system, with or without a backup battery, could alleviate the strain of any future outages you may experience.

What impacts the cost of solar panels in Champaign, IL?

Your Energy Needs - While the upfront cost is greater, the price per watt drops with larger solar panel systems. Homeowners often find that installing a solar system that can offset their entire electric bill is advantageous, leading to optimal savings.

Make & Model - Just like other industries, the solar energy sector features a range of solar panel brands and designs. Picking an installer with certain system preferences means it's even more important crucial to go with a reputable contractor. Buyers often find that utilizing better quality materials leads to a more positive long-term experience.

Solar Panel Type - It's not surprising that monocrystalline panels are now the standard in the industry. Even with a higher cost, this technology produce more energy. The majority of installers choose panels crafted using this material.

Your Property - Elements such as trees, uneven landscapes, or other hindrances might complicate the installation process. Nowadays, solar installers commonly leverage satellite images to assess your home and factor in these factors into the preliminary cost estimate.

Labor Rates - The costs related to the different wages offered by companies to their employees are borne by the consumers. Businesses that pay higher wages often get higher reviews for their services and customer service.

Permitting & Interconnection - Regional differences in permitting and utility interconnection fees will impact your installation cost. Good local installers will build these figures into your preliminary estimates to prevent any surprises.