Solar Panels Cost $2.6k-$13k in Marengo, IL | October, 2024

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

For Marengo households, the average monthly kWh usage is 601, with an standard electric bill of $114.22. Small homes, including micro-apartments, are also encompassed in the data mentioned in the {previous|prior sentence.

The average electricity rate in Marengo, IL in October 2024 is 18.99¢ per kWh.

To fully meet the energy requirements of a typical consumer in Marengo, a solar panel system of 5 kW or more is a must. The installation of a a 5 kW solar system will set you back approximately $19,200 initially, but with the federal income tax credit, you can get 30% back, reducing the cost to $13,440.

Are solar panels worth it in Illinois?

For those in Marengo planning to stay in their homes past the payback period of their solar system, solar panels make perfect sense. Having a 5 kW solar system in Marengo, IL can potentially save you roughly $13,972.8 over a span of 20 years, with an average break even point of 10 years.

The cost of not having solar panels in Marengo, IL

In addition to missing out on the savings discussed previously, not installing solar panels or another form of backup power results in you being completely dependent on your electric utility. Full reliance on your utility provider isn't always the best idea, as recent examples in the news have shown.

Generally, customers in Marengo experience around 0.59 outages. The typical duration of each outage is 48.99 minutes. When significant events such as high winds, aging infrastructure, or wildlife damage occur, these time frames can become much longer.

Even without a backup battery, a solar panel system can mitigate the stress of future outages you may experience.

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

Your Energy Needs - Even though larger solar panel systems are more costly, the average cost per watt diminishes as the system size grows. For most homeowners, setting up a system that can make enough power to fully offset their entire electric bill is advantageous, providing significant savings.

Make & Model - Solar panels, just like many other products, are available in a variety of makes and models. Choosing an contractor with specific brand preferences means it's even more important essential to go with a recommended company. Consumers who prioritize better materials usually enjoy a more favorable long-term experience.

Solar Panel Type - For several reasons, monocrystalline panels have become the standard in the industry. Although they are more expensive, they provide increased energy. Most installers work with panels made from this material.

Your Property - Trees, uneven landscapes, or other hindrances can make the installation process more challenging. Nowadays, many solar installers can assess your home with satellite images and include these factors in the initial cost estimate.

Labor Rates - The wages employees get from their employers are different, and these costs are transferred to the consumers. Often, companies paying more in wages also enjoy higher ratings for their services and customer service.

Permitting & Interconnection - Your final installation price will be impacted by the permitting and utility interconnection fees, which change by area. Experienced local installers will include these numbers into your first quotes to prevent any surprises.