Solar Panels Cost $4.8k-$14k in Chatham, IL | October, 2024

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

The average electricity cost for Chatham consumers is $130.07 per month, with a usage of 702 kWh. Compact apartments are also encompassed in the figures noted in the previous sentence. The lower energy use in these types of residences impacts those averages.

In October 2024, the electricity rate in Chatham, IL averages 18.53¢ per kWh.

In Chatham, an average electricity consumer's needs probably will be completely accounted for by a solar system of 6 kW or higher. Before any incentives, a 6 kWsetup will cost approximately $21,000, but with a 30% federal tax credit, the price drops to $14,700.

Are solar panels worth it in Illinois?

If your plan is to stay in your home past the time it takes to pay off your solar system, installing solar panels is a good move in Chatham. A 5 kW solar system in Chatham, IL might save you an average of $18,966.8 over 20 years, with the break even point usually being 8 years.

The cost of not having solar panels in Chatham, IL

The lack of solar panels or an alternative energy backup means you'll miss out on the earlier mentioned savings and be entirely reliant on your electric utility for power. The news has given several examples showing that total dependence on your utility isn't always the best idea.

Residents in Chatham have encountered an average of 0.78 utility outages per year in recent times. The average duration of each outage is 92.9 minutes. During severe events like construction accidents, overloaded power grids or hurricanes, these times can grow significantly longer.

A solar panel system, whether or not it has a backup battery, could help reduce the impact of future outages you might encounter.

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

Your Energy Needs - Larger solar panel systems come with a greater upfront cost, but the price per watt is reduced. Individuals often find that installing a solar system that can replace their electric bill is very advantageous. This method leads to maximum savings.

Make & Model - Just like other industries, the solar energy sector features a wide range of solar panel and mounting equipment brands and designs. Given the particular system preferences an contractor might have, selecting a highly rated contractor is crucial. The utilization of high-quality materials is likely to result in a more favorable long-term experience for buyers.

Solar Panel Type - It's obvious why monocrystalline panels are now the preferred option in the industry. These panels are more expensive, yet they provide more energy. Many installers tend to utilize panels made from this material.

Your Property - Every property and home is distinct. Sloped land, trees, or other considerations can make the installation more difficult. Many solar installers these days are able to utilize satellite imagery to assess your home and factor in these aspects in the initial cost estimate.

Labor Rates - Companies offer different wages to their employees, and these costs are eventually borne by the consumers. Often, businesses paying more in wages also enjoy higher ratings for their services and customer service.

Permitting & Interconnection - Depending on the location, permitting and utility interconnection fees will influence your installation price. Reliable installers will factor these costs into your initial quotes to prevent unexpected expenses.