Solar Panel Cost Guide in Buffalo Grove, IL (2024 Update)
- Buffalo Grove Solar Installation Cost: $16,730
- 25-Year Savings: $10,465
- Payback Period: 18.5 Years
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Average Cost of Solar Panels in Buffalo Grove
Find out what the average cost of a solar system is in Buffalo Grove.
The national average cost of solar panels is $2.66 per watt, but in Buffalo Grove it’s 4 per watt.To account for the typical energy needs of the average home in Buffalo Grove, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,730, or $23,924 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of solar panels you want, your solar contractor and more.With typical savings of about $14,000 on energy bills over 20 years, many homeowners in Buffalo Grove find installing solar panels has a decent ROI.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Buffalo Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-15,574 |
| 3 years | $-13,262 |
| 5 years | $-10,949 |
| 7 years | $-8,637 |
| 9 years | $-6,325 |
| 11 years | $-4,012 |
| 13 years | $-1,700 |
| 15 years | $613 |
| 17 years | $2,925 |
| 19 years | $5,237 |
| 21 years | $7,550 |
| 23 years | $9,862 |
| 25 years | $12,174 |
Top Solar Installers in Buffalo Grove
Many homeowners decide to use a solar installation company since trying to put up solar panels yourself can be hard. Some solar installers, especially local ones, can help you better understand incentives in Buffalo Grove, therefore optimizing your ROI.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Buffalo Grove
Factors that Affect Solar Panel Costs in Buffalo Grove
For many Buffalo Grove homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Buffalo Grove, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production use 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 $3,760.The kind of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable route because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can impact the cost. Buffalo Grove’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $3.91 | $16,424 | $4,920 | 19.2 years |
| 8 kW | $3.84 | $21,477 | $6,981 | 18.9 years |
| 10 kW | $3.76 | $26,320 | $9,253 | 18.5 years |
| 12 kW | $3.68 | $30,952 | $11,735 | 18.1 years |
| 14 kW | $3.61 | $35,374 | $14,428 | 17.8 years |
| 16 kW | $3.53 | $39,585 | $17,331 | 17.4 years |
| 18 kW | $3.46 | $43,586 | $20,445 | 17.0 years |
| 20 kW | $3.38 | $47,376 | $23,769 | 16.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: When making the switch to solar power, it’s crucial to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project completion timeline.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Buffalo Grove, IL Solar Cost FAQs
How much does it cost to install solar panels in Buffalo Grove?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
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 don’t have access to many solar incentives. Also your property 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.
Can you sell solar power back to the grid in Buffalo Grove?
The majority of states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.