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

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

The typical electricity usage in Richmond is 601 kWh per month, resulting in a $114.21 monthly electric bill average. Compact apartments are also encompassed in the figures cited in the prior sentence. The lower energy use in these types of dwellings impacts those averages.

For October 2024, the mean electricity rate in Richmond, IL amounts to 18.99¢ per kWh.

In Richmond, a system size of 5 kW or more is required for the average energy consumer to satisfy their entire power consumption needs. The cost for aa 5 kW solar setup comes to $18,750 upfront, but after the 30% tax credit, the total cost drops to $13,125.

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 wise investment in Richmond. A 5 kW solar system in Richmond, IL could potentially save you $14,285.4 over the course of 20 years, with the break even point usually at 10 years.

The cost of not having solar panels in Richmond, IL

In addition to forgoing the savings, the absence of solar panels or another backup energy source results in full dependence on your electric utility for your power needs. As recent examples in the news have shown, full reliance on your utility provider isn't always the best idea.

Annually, the average number of outages per customer in Richmond is about 0.59. The average length of an outage is 48.99 minutes. In events like winter storms, wildlife damage, or equipment failure, this duration can extend significantly.

Even without a backup battery, a solar panel system can help mitigate the strain of future outages you may face.

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

Your Energy Needs - Even though larger solar panel systems are more expensive initially, the average price per watt decreases as the system size increases. A lot of people find it useful to set up a solar energy system that can offset their entire electric bill. This results in maximum savings.

Make & Model - There are numerous brands and models of solar panels. The preferences for system that your contractor has may make it essential to choose a reputable installer. The use of superior models is probably will result in a more satisfactory long-term experience for buyers.

Solar Panel Type - There are valid reasons why monocrystalline panels are now considered the industry standard. Although they are pricier, they provide increased energy. Most installers work with panels crafted of this material.

Your Property - Every home and property differs in its own way. Challenges such as trees, sloped land, or additional considerations can increase the difficulty of installing solar panels. By using satellite imagery, solar installers can currently assess your home and include these considerations into the first cost estimate.

Labor Rates - The wage differences between companies result in costs that are passed on to the consumers. Higher reviews for services and customer service are often associated with businesses that pay higher wages.

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