Solar Panels Cost $5.3k-$16k in Newark, IL | October, 2024

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

For Newark energy consumers, the typical electric bill is $131.66 per month, with a usage of 701 kWh. Smaller dwellings, such as townhouses and condos, are also covered in the statistics mentioned in the preceding sentence.

Newark, IL's electricity rate is 18.79¢ per kWh in October 2024.

If you’re a typical electricity consumer in Newark you has to have a 6 kW or higher sized system to take care of all of your energy usage demands. Initially, a 6 kWsetup will cost about $23,040, but with a 30% federal tax credit, the price drops to $16,128.

Are solar panels worth it in Illinois?

If you're planning to stay in your home past the period required to pay back your solar investment, choosing solar panels is a wise decision in Newark. Having a 5 kW solar system in Newark, IL can potentially save you roughly $18,158.4 over a span of 20 years, with an average break even point of 9 years.

The cost of not having solar panels in Newark, IL

Skipping the installation of solar panels or an alternative backup energy source results in missing the earlier mentioned savings and total reliance on your electric utility for power. As recent news articles have pointed out, full dependence on your utility provider isn't always ideal.

Yearly, customers in Newark face approximately 1.38 outages every year. On average, the length of an outage is 105.25 minutes. Major events like winter storms, wildlife damage, or grid management errors can cause these durations to rise considerably.

A solar panel system with (or without) a backup battery could reduce the strain of future outages you face.

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

Your Energy Needs - Larger solar panel systems have a higher upfront cost, but the cost per watt decreases as the system size increases. It is often beneficial for consumers to install a solar system that can generate enough electricity to fully cover their electric bill, which leads to substantial savings.

Make & Model - Like many other products, there are different makes and models of solar panels to choose from. Your installer’s potential system preferences make it essential to select a recommended contractor. For consumers wanting a better long-term experience, choosing superior quality equipment is essential.

Solar Panel Type - Monocrystalline panels have emerged as the standard in the industry, and rightly so. Although the cost is higher, they deliver more energy. The majority of installers use these kinds of panels.

Your Property - Challenges such as irregular terrain, trees, or other obstructions can increase the difficulty of installing solar panels. Solar installers now have the ability to use satellite images to evaluate your home and factor in these considerations in the first cost estimate.

Labor Rates - The differing wages that companies give their employees result in costs that are inevitably transferred to consumers. Businesses that invest in higher wages typically see higher reviews for their work and customer service.

Permitting & Interconnection - Your installation cost will be influenced by area-specific permitting and utility interconnection fees. Quality local installers will integrate these figures into your initial estimates to prevent any surprises.