Solar Panels Cost 7.6k-17k in Savoy, IL | November, 2024

Solar Panels Cost $7.6k-$17k in Savoy, IL | November, 2024

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How much do solar panels cost in Savoy, IL in 2024?

In Savoy, IL, the cost per watt for solar panel installations is around $3.62 per watt in November, 2024.

It will cost $3,620, on average, for every 1000 watts (1 kW) your solar system is able to generate. When you deduct the 30% federal tax credit, the cost of a 5 kW solar system in Savoy generally comes out to around $12,670. Please consider, a 5kW system may not be big enough to adequately cover your energy consumption.

To the left, you can choose your county to find the average roof size and the average maximum capacity for solar panel systems on homes in your area. The following overview, below, highlights the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Savoy: $12,670US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Savoy: 7 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Savoy: $20,374US Average: $16,169

Solar Potential in Savoy

Estimated system size and solar electricity production per median viable roof in
Savoy.

Roof size 804sq. ft.
Capacity 11.25kW DC
Electricity 13.2kkWh AC per yr.

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

Savoy residents typically consume 783 kWh of electricity each month, with bills around $160.31. It’s worth noting that this number accounts for apartments and other smaller dwellings, which generally require lower energy consumption.

In November 2024, the electricity rate in Savoy, IL is on average 20.48¢ per kWh.

In Savoy, a system size of 7 kW or larger is a must for the typical electricity consumer to account for their full energy needs. At this time, a 7 kW solar panel system will initially set you back around $25,340, but the 30% tax credit lowers the cost to $17,738.

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Average solar panel costs by system size in Savoy

On the left, you will find a cost breakdown for various solar panel system sizes set up in Savoy. Of course, a bigger solar system implies a higher upfront cost, but it also leads to greater electricity savings and higher income tax credits.

The calculator below and to the right gives a detailed summary of solar panel costs and benefits, based on an average electric bill of $160.31 in Savoy. For tailored results, update the $160.31 to whichever your usual electricity bill is.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $888 a year
Est. Price
$7,602
Savings from a 3kWthis system
  • Est. yearly production 4,440 kWh
  • Est. monthly savings $74
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 1.07 tons a year
  • Equivalent to planting 49 trees a year
  • Equivalent to driving 2,659 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,184 a year
Est. Price
$10,136
Savings from a 4kWthis system
  • Est. yearly production 5,920 kWh
  • Est. monthly savings $99
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 1.43 tons a year
  • Equivalent to planting 66 trees a year
  • Equivalent to driving 3,545 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,480 a year
Est. Price
$12,670
Savings from a 5kWthis system
  • Est. yearly production 7,400 kWh
  • Est. monthly savings $123
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 1.79 tons a year
  • Equivalent to planting 82 trees a year
  • Equivalent to driving 4,432 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,776 a year
Est. Price
$15,204
Savings from a 6kWthis system
  • Est. yearly production 8,880 kWh
  • Est. monthly savings $148
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 2.15 tons a year
  • Equivalent to planting 99 trees a year
  • Equivalent to driving 5,318 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $2,072 a year
Est. Price
$17,738
Savings from a 7kWthis system
  • Est. yearly production 10,360 kWh
  • Est. monthly savings $160
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 2.32 tons a year
  • Equivalent to planting 107 trees a year
  • Equivalent to driving 5,749 mi less a year

Savoy Solar Panel Installation Incentives & Rebates | 2024

Rural small business owners and farmers could receive REAP Grant funding covering between 80% and 100% of their solar energy or wind turbine installation costs. Think you fit this category? Confirm your qualification with our REAP Grant eligibility tool.

For those looking into residential solar, the 30% federal income tax credit is available to nearly everyone, which makes solar a sensible option in many states. In conjunction with federal efforts, state and local programs help to support the use of solar power.

A total of 7 solar rebates and incentives are available in Illinois through different utility companies and government departments.

Solar incentives in IL

Illinois Clean Energy Community Foundation Grants

Value:Varies

Commonwealth Edison funds the Illinois Clean Energy Community Foundation (ICECF). The foundation supports private investment in renewable energy for Illinois through a variety of grant initiatives targeted at communities and schools. Eligible projects for a grant include solar, wind, and biomass installations interconnected to the grid. One initiative funding wind power for schools also supports related educational programs. Additional information is available through the ICECF website.

Net Metering

Value:Varies

Renewable energy and distributed generation customers in Illinois may enter net metering or "dual metering" arrangements with their utility. By using their generation system, customers generate renewable energy credits. By law, they hold ownership of the RECs they generate, but they may choose to sell them to the utility upon signing a net metering contract. Dual metering is for property types in a "competitive class". Utilities should install a dual-channel meter to measure net excess generation (NEG) sent back to the grid. The customer will receive a bill credit for monthly NEG at a variable rate. Net metering operates in a similar fashion, but uses a single bidirectional meter and is designed for residential and certain commercial properties (these are "non-competitive classes".) Additional information is available from the Illinois Department of Energy.

Interconnection Standards

Value:Varies

Illinois has adopted various state standards for distributed generation and interconnection using systems rated for less than 10 MW. Regulations are amended and enforced by the Illinois Commerce Commission (ICC). Each connected generation system is sorted into one of four tiers based on capacity. Which tier a system falls into determines engineering standards, permit processes, and the minimum liability insurance coverage that the system's owner must carry. Distributed generation for systems over 10 MW is also standardized under a different set of rules. Additional information is available from the ICC website.

Renewable Portfolio Standard

Value:Varies

The Illinois legislature enacted the state's first renewable portfolio standard in 2007 and established the Illinois Power Agency for its enforcement. The current standard requires 25% of the state's renewable energy to come from renewable sources by 2026, with 6% coming from solar installations, 75% from wind turbines, and 1% from distributed generation systems. Compliance is measured using a renewable energy credit (REC) system pegging electric capacity to an adjusted dollar value. Utilities in the state must obtain these credits through their own generation activities or by purchasing them from distributed generation customers.

Energy Efficiency in State Government

Value:Varies

New government buildings or renovation projects in Illinois should comply with certain green building standards. Any new occupied state building or renovation affecting a maximum of 10,000 square feet should meet the highest feasible LEED standard, though the state does not need to apply for formal LEED certification. New buildings or renovation projects over 10,000 square feet must meet LEED Silver standards and apply for formal certification. A project may be exempt if costs toward meeting green building standards exceed benefits. Historic buildings may carry an exemption by default if improvements would negatively affect their aesthetics or status. Additional information is available from the Illinois Department of Commerce website.

Illinois Municipal Electric Agency - Electric Efficiency Program

Value:Varies

Residential, commercial, and wholesale customers of the Illinois Municipal Electric Agency may be eligible for a variety of financial incentives on energy efficiency equipment and projects. Eligible items and services will change from time to time. Current programs include rebate offers on HVAC, lighting, motors, and generation equipment. For each of these projects, the rebate amount averages at 7 cents per saved kilowatt hour for the first year of the improvements' deployment. The application process involves project reviews. Customers should submit copies of the city permits they have obtained for their proposed projects. To ensure accountability, IMEA requires the submission of receipts and a final inspection upon completion of the project. Additional information is available from the IMEA website.

Solar Renewable Energy Credits

Value:Varies

The Illinois Power Agency is a legislative organization that aids several private electrical utilities (Commonwealth Edison and Ameren, specifically) in purchasing renewable energy credits, including credits designated exclusively for solar energy. To meet renewable portfolio standards, the IPA acts as a diplomatic middleman to create purchasing agreements between utilities. As IPA both designs and operates procurement programs using a variety of tracking systems, customers participating in arrangements such as net metering may interface directly with the IPA. Additional information is available from the agency website.

Are solar panels worth it in Illinois?

If your intention is to stay in your home beyond the solar payback period, investing in solar panels is a smart option in Savoy. A 5 kW solar system in Savoy, IL might save you an average of $25,804.4 over 20 years, with the break even point generally being 7 years.

The cost of not having solar panels in Savoy, IL

The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and depend on your electric utility for electricity. The news has recently pointed out that complete dependence on your utility isn't always ideal.

Recently, the average number of utility outages per customer in Savoy has been 0.82 annually. Each outage, on average, lasts for 95.38 minutes. In the case of major events like aging infrastructure, earthquakes or planned maintenance, this period can rise substantially.

With or without a backup battery, a solar panel system could mitigate the effects of future power interruptions you might experience.

Power Outages

Currently, 0 customers are being tracked in Champaign County.

Learn more

Customers Out:

0

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

Your Energy Needs - Larger solar panel systems have a larger upfront cost, but the cost per watt decreases as the system size expands. Installing a solar panel system that can replace the electric bill is useful to homeowners because of the money saved.

Make & Model - Solar panels and mounting equipment, like many other products, are available in a variety of makes and models. The brand preferences of your selected installer can make it essential to choose a highly rated company. Buyers often find that employing better quality makes and models leads to a more satisfactory long-term experience.

Solar Panel Type - It's no surprise that monocrystalline panels are now the standard in the industry. They come with a higher price, but they provide more energy. Many solar panel installers prefer this type of material.

Your Property - Elements like sloped land, trees, or additional hurdles might complicate the installation process. Solar installers currently have the ability to use satellite images to evaluate your home and incorporate these factors in the preliminary cost estimate.

Labor Rates - The different employee wages paid by companies lead to costs that consumers ultimately bearing . Companies that invest in higher wages often see higher reviews for their services and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which change by area, will impact your installation cost. Reliable installers will factor these costs into your first quotes to prevent unexpected expenses.

See what solar panels cost in other IL cities

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Who are the best solar installers in Savoy?

Freedom Forever

Temecula, CA(800) 685-1850

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Solar SME

Duncanville, TX(832) 626-2337

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

YellowLite

Cleveland, OH(216) 333-1364

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Reparation of solar arrays.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Auditing of energy requirements for independent energy generation.

SunVest Solar

Pewaukee, WI(262) 547-1200

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Core Development Group

(201) 825-2195

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

Plug PV

Troy, NY(518) 948-5316

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Monitoring of independent energy generation.

SunPro Solar

Mandeville, LA(866) 599-3643

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Auditing of energy requirements for independent energy generation.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Consulting on all things solar related.

RISE Power

Richardson, TX(855) 747-3769

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Reparation of solar arrays.

Dividend Finance

Cincinnati, OH(415) 805-7000

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Eagle Point Solar

Dubuque, IA(563) 582-4044

Services

  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Palmetto Solar

Charleston, SC(855) 339-1831

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Silver Sun Solar

Deltona, FL(407) 832-42452

Services

  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

Continental Energy Solutions

Oak Brook, IL(630) 637-2150

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.

Tick Tock Energy

Effingham, IL(217) 994-9020

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

AES Solar

Carterville, IL(618) 988-0888

Services

  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Reparation of batteries.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Solar systems for selling electricity back to the grid.
  • Consulting on all things solar related.
  • Reparation of batteries.
  • Expertise in consulting on advantageous financing for solar.
  • Monitoring of independent energy generation.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.

Sunrun

San Francisco, CA(833) 394-3384

Services

  • Expertise in consulting on advantageous financing for solar.
  • Monitoring of independent energy generation.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Installation of batteries for energy storage.

Sigora Solar

Charlottesville, VA(434) 465-6192

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Consulting on all things solar related.

Soltage

Jersey City, NJ(201) 432-1786

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Engie North America

Houston, TX(713) 636-0000

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

LightEdison

Denver, CO(888) 966-6377

Services

  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Empire Solar Group

Salt Lake City, UT(800) 467-4562

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Badass Energy

Claremont, CA(909) 320-9860

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Consulting on all things solar related.

Savoy, IL Solar Panel Cost FAQs

  • As of November, 2024, the average per-watt cost for solar panels in Savoy, IL is $3.62/W. With the federal tax credit, the cost of a 5 kW solar panel system in Savoy, IL drops to roughly $12,670.
  • There are 7 rebates and incentives available in Illinois from a range of utility providers and government organizations. Furthermore, the majority of people qualify for the 30% federal tax credit.
  • Paying cash offers the most savings, yet there are several financing options available today for solar panels that are also advantageous. Financing options are frequently available through installers and will be specified in your initial quotes.
  • Yes, on average, 5 kW solar panels in Savoy, IL pay for themselves in 7 years, with homeowners saving approximately $25,804.4 on electricity over 20 years.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-11-01