Solar Panels Cost $5.4k-$16k in Lexington, IL | October, 2024

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

On average, a Lexington energy consumer uses702 kWh and pays $131.63 per month for electricity. These figures also cover apartments and other smaller residences with lower energy demand.

For October 2024, Lexington, IL's average electricity rate amounts to 18.75¢ per kWh.

If you consume an average amount of electricity in Lexington, you will need a solar panel system of 6 kW or more to fully account for your full electricity consumption demands. Presently, a 6 kW solar system will be priced at around $23,460at first, but thanks to the 30% federal tax credit, you receive 30% back, reducing the total to $16,422.

Are solar panels worth it in Illinois?

If you intend to own your residence longer than the solar system's payback period, solar panels are a smart investment in Lexington. A 5 kW system in Lexington, IL will save you, on average, $17,906.2 over a 20 period and the average break even point is 9 years.

The cost of not having solar panels in Lexington, IL

Apart from the savings mentioned earlier, failing to install solar panels or an alternative energy backup leads to you being wholly dependent on your electric utility for electricity. Recent news examples have shown that complete dependence on your utility provider isn't always the most favorable condition.

The average number of outages per customer per year in Lexington is 1.38. The average duration of each outage is 105.25 minutes. During severe events like tornadoes, construction accidents, or grid management errors, these times can grow significantly longer.

A solar energy system could help mitigate the effects of future outages, whether or not it has a backup battery.

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

Your Energy Needs - Larger solar panel systems have a greater upfront cost, but the cost per watt reduces. Installing a solar panel system that can cover the electric bill is useful to consumers because of the reduced long-term costs.

Make & Model - Just like other products, solar panels come in a wide variety of makes and models. Because the installer you choose might have particular system preferences, choosing a recommended installer is even more important. The employment of superior makes and models is likely to provide a more satisfactory long-term experience for buyers.

Solar Panel Type - Monocrystalline panels have become the standard in the industry, and it's easy to see why. Despite the higher price tag, these panels produce greater energy output. The majority of installation experts use panels made from this material.

Your Property - Things such as trees, rough terrain, or additional hurdles can cause the installation to be more difficult. Many solar installers today use satellite imagery to evaluate your home and factor in these factors into the preliminary cost estimate.

Labor Rates - The wage differences between companies lead to costs that are transferred to the consumers. Companies that pay higher wages often garner higher reviews for their work and customer service.

Permitting & Interconnection - The cost of installation will differ depending on local permitting and utility interconnection fees. Quality local installers will include these figures in your preliminary estimates to provide transparency.