Solar Panel Cost Guide in Candlewick Lake, IL (2023 Update)
- Candlewick Lake Solar Installation Cost: $12,498
- 25-Year Savings: $13,448
- Payback Period: 12.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Candlewick Lake
Find out how much it might cost to make the switch to solar in Candlewick Lake.
The average cost of a solar system in Candlewick Lake is 2.73 per watt. Using this figure, a typical 6.5-kW system would cost about $12,498 before the 30% federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Candlewick Lake based on several factors, such as the brand of solar panels you choose and the solar installer you hire. Despite the large initial cost, the average Candlewick Lake homeowner can save around $15,000 on their power bills over 20 years, which is one of the benefits of solar.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Candlewick Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,460 |
| 3 years | $-9,384 |
| 5 years | $-7,309 |
| 7 years | $-5,233 |
| 9 years | $-3,157 |
| 11 years | $-1,082 |
| 13 years | $994 |
| 15 years | $3,070 |
| 17 years | $5,145 |
| 19 years | $7,221 |
| 21 years | $9,297 |
| 23 years | $11,372 |
| 25 years | $13,448 |
Top Solar Installers in Candlewick Lake
Trying to install solar panels on your own can be a difficult project, which is why using a solar installation company is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Candlewick Lake
Factors that Affect Solar Panel Costs in Candlewick Lake
The cost of installing a solar system in Candlewick Lake can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The model of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a solid choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installer you pick will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Candlewick Lake have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $11,895 | 12.5 years |
| 8 kW | $2.78 | $15,594 | $16,166 | 12.3 years |
| 10 kW | $2.73 | $19,110 | $20,590 | 12.0 years |
| 12 kW | $2.68 | $22,473 | $25,166 | 11.8 years |
| 14 kW | $2.62 | $25,684 | $29,896 | 11.6 years |
| 16 kW | $2.57 | $28,741 | $34,778 | 11.3 years |
| 18 kW | $2.51 | $31,646 | $39,813 | 11.1 years |
| 20 kW | $2.46 | $34,398 | $45,001 | 10.8 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose greatly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Warranty: If you're worried about the longevity of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Candlewick Lake, IL Solar Cost FAQs
What is the average cost of installing solar panels in Candlewick Lake?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Candlewick Lake?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is it worth going solar in Candlewick Lake?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Candlewick Lake?
On average, the lifespan of solar panels is 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 larger level 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.