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

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

The average monthly electric bill for Spring Valley residents is $131.66, with an average usage of 700 kWh. Consider that this statistic includes smaller residences including apartments, known for less energy use.

For October 2024, Spring Valley, IL's average electricity rate is 18.8¢ per kWh.

Average electricity users in Spring Valley may require a solar power system of 6 kW or more to meet their full electricity consumption needs. At this time, a 6 kW solar installation will initially set you back around $23,460, but the federal tax credit reduces the price by 30%, making it $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 wise investment in Spring Valley. With a 5 kW solar system in Spring Valley, IL, the average savings over a 20 period is $17,913.4, with break even usually occurring at 9 years.

The cost of not having solar panels in Spring Valley, IL

In addition to missing out on the previously mentioned savings, not installing solar panels or a different backup energy source results in complete dependence on your electric utility for electricity. As demonstrated by recent news, full reliance on your utility is not always the best option.

Yearly, customers in Spring Valley face approximately 0.78 outages each year. On average, each outage lasts for 92.9 minutes. Major events like vandalism, aging infrastructure or wildfires can considerably extend these durations.

A solar panel system could alleviate the burden of future outages, even if it is without a backup battery.

What impacts the cost of solar panels in Spring Valley, IL?

Your Energy Needs - Even if the initial expense is greater, the price per watt decreases with larger solar panel systems. Individuals often find that installing a solar system that can replace their electric bill is highly beneficial. This approach ensures increased savings.

Make & Model - Just like other products, solar panels come in a wide variety of makes and models. Since the contractor might have particular system preferences, it's essential to select a reputable company. For consumers desiring a more favorable long-term experience, investing in higher quality equipment is important.

Solar Panel Type - The industry standard is now monocrystalline panels, and rightly so. They have a higher price, but they generate more energy. Many solar panel installers opt for this type of material.

Your Property - Each property and home has its own characteristics. Factors like trees, sloping terrain, or additional hindrances can make the installation more challenging. Most solar installers today utilize satellite imagery to assess your home and integrate these considerations into the initial cost estimate.

Labor Rates - The wages that various companies offer their employees are different, and these costs are passed on to the consumers. It is common for companies that offer higher wages to garner better reviews for their work and customer service.

Permitting & Interconnection - The cost of installation will be influenced by different local permitting and utility interconnection fees. Reliable installers will factor these costs into your first quotes to prevent unexpected expenses.