Solar Panel Cost Guide in Algonquin, IL (Sep 2022)

  • Algonquin Solar Installation Cost: $12,460
  • 25-Year Savings: $10,152
  • Payback Period: 13.8 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Algonquin

Let's have a look at the average cost of solar in Algonquin.

The average cost of a solar panel system in Algonquin is $3 per watt. The average solar panel system size in Algonquin is around 6.5 kilowatts, meaning a cost of about $12,460 for a solar installation, or $9,220 after the 30% federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of equipment you choose, your solar contractor and more. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Algonquin see about $13,000 in savings on electricity bills over 20 years.

You can click the button below to get connected with a top solar installer in Algonquin that can help you get a more accurate cost estimate for your home.

Solar savings over time in Algonquin

Year Return on Investment
1 years $-11,555
3 years $-9,746
5 years $-7,937
7 years $-6,128
9 years $-4,319
11 years $-2,511
13 years $-702
15 years $1,107
17 years $2,916
19 years $4,725
21 years $6,534
23 years $8,343
25 years $10,152

Top Solar Installers in Algonquin

Many homeowners choose to use a solar installation company since figuring out how to install solar panels by yourself can be challenging. The expertise that solar installers provide can be helpful as well, particularly if you don't quite know what brand of solar equipment you need.

Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Algonquin

Factors that Affect Solar Panel Costs in Algonquin

There are several factors that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.

Solar Equipment Size

The size of the system you need is one of the largest factors that affects the overall cost of going solar. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

If paying for solar panels out of pocket is difficult, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.

Solar Panel Installation Company

Finally, the company you opt for to install your solar panels can influence how much you pay. Algonquin's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Algonquin know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $2.84 $11,925 $8,875 14.3 years
8 kW $2.78 $15,594 $12,138 14.1 years
10 kW $2.73 $19,110 $15,555 13.8 years
12 kW $2.68 $22,473 $19,125 13.5 years
14 kW $2.62 $25,684 $22,848 13.2 years
16 kW $2.57 $28,741 $26,723 13.0 years
18 kW $2.51 $31,646 $30,751 12.7 years
20 kW $2.46 $34,398 $34,933 12.4 years

Solar Incentives in Algonquin

Name Special Assessment for Solar Energy Systems
Incentive Amount Varies
More Info Click here

Name ComEd - Energy Efficiency Program for Residential
Website Visit here
More Info Click here

Name Solar Renewable Energy Credits
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:

  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
  • Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
  • Warranty: If you care about the endurance of your solar panel system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
  • Contract: Though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Algonquin, IL Solar Cost FAQs

How much does it cost to install solar panels in Algonquin?

The average cost of solar panels in Algonquin is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.

Is it better to lease or buy solar panels in Algonquin?

Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

Do solar panels increase the value of your home?

Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Algonquin is currently $310,930, which means you can expect about a value of about $12,748 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Algonquin is a worthwhile investment.

How long do solar panels last in Algonquin?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert’s opinion on the top solar companies featured here, follow this link.

Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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