Solar Panel Cost Guide in Buffalo Grove, IL (2023 Update)
- Buffalo Grove Solar Installation Cost: $12,154
- 25-Year Savings: $10,458
- Payback Period: 13.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Buffalo Grove
We go over average solar pricing in Buffalo Grove.
The average cost of a solar system in Buffalo Grove is 2.73 per watt. The average solar panel system size in Buffalo Grove is around 6.4 kilowatts, meaning a cost of about $12,154 for a solar installation, or $17,380 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Buffalo Grove homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Despite the large initial cost, the average Buffalo Grove homeowner can save about $14,000 on their power bills over 20 years, which is one of the advantages of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Buffalo Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-11,249 |
| 3 years | $-9,441 |
| 5 years | $-7,632 |
| 7 years | $-5,823 |
| 9 years | $-4,014 |
| 11 years | $-2,205 |
| 13 years | $-396 |
| 15 years | $1,413 |
| 17 years | $3,222 |
| 19 years | $5,031 |
| 21 years | $6,840 |
| 23 years | $8,649 |
| 25 years | $10,458 |
Top Solar Installers in Buffalo Grove
Installing solar panels on your own can be a stressful task, which is why getting a solar installation company is a good option for many homeowners. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be right for you.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Buffalo Grove:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Buffalo Grove
Factors that Affect Solar Panel Costs in Buffalo Grove
The cost of installing a solar system in Buffalo Grove can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Buffalo Grove, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Buffalo Grove provide solar loans, which reduce the initial cost of installing solar. Even though solar loans make adopting solar energy more accessible for Buffalo Grove homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Buffalo Grove is the company you get to install your PV system. Similar to choosing a company to build a deck or pool, for example, you'll have many options for solar installers that provide a range of services for different budgets. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $9,419 | 14.0 years |
| 8 kW | $2.78 | $15,594 | $12,864 | 13.7 years |
| 10 kW | $2.73 | $19,110 | $16,463 | 13.4 years |
| 12 kW | $2.68 | $22,473 | $20,214 | 13.2 years |
| 14 kW | $2.62 | $25,684 | $24,118 | 12.9 years |
| 16 kW | $2.57 | $28,741 | $28,175 | 12.6 years |
| 18 kW | $2.51 | $31,646 | $32,384 | 12.4 years |
| 20 kW | $2.46 | $34,398 | $36,747 | 12.1 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
- Contract: Before signing a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Buffalo Grove, IL Solar Cost FAQs
What is the average cost of installing solar panels in Buffalo Grove?
The average cost of solar panels in Buffalo Grove 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 things such as the model 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 Buffalo Grove?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Is it worth going solar in Buffalo Grove?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.