Solar Panel Cost Guide in Deerfield, IL (2023 Update)
- Deerfield Solar Installation Cost: $12,147
- 25-Year Savings: $10,465
- Payback Period: 13.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Deerfield
Find out what the average cost of installing solar panels is in Deerfield.
The average cost of a solar panel system in Deerfield is 2.73 per watt. To cover the typical energy usage of the average home in Deerfield, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $12,154, or $17,380 before the federal solar tax credit of 30% is applied.
The true cost of your system can go higher or lower than the average in Deerfield based on several factors, such as the kind of solar panels you choose and the solar company you hire. Despite the high upfront cost, the average Deerfield homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the positives of solar.
To get a free estimate from a pre-vetted solar company in Deerfield, you can click the button below.
Solar savings over time in Deerfield
| Year | Return on Investment |
|---|---|
| 1 years | $-10,991 |
| 3 years | $-8,679 |
| 5 years | $-6,366 |
| 7 years | $-4,054 |
| 9 years | $-1,742 |
| 11 years | $571 |
| 13 years | $2,883 |
| 15 years | $5,196 |
| 17 years | $7,508 |
| 19 years | $9,820 |
| 21 years | $12,133 |
| 23 years | $14,445 |
| 25 years | $16,757 |
Top Solar Installers in Deerfield
Trying to put up solar panels on your own can be a dangerous task, which is why using a solar installation company is a good option for many homeowners. Plus, if you're not certain what type of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you'd like to make the switch to solar but still aren't sure which solar company to go with, here are our recommendations for providers in Deerfield:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Deerfield
Factors that Affect Solar Panel Costs in Deerfield
There are a number of criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Deerfield, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Deerfield, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: When going solar, it's necessary to keep an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project completion timeline.
- Contract: Before signing a contract with a solar installer, be sure to look it over fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Deerfield, IL Solar Cost FAQs
What is the average cost of installing solar panels in Deerfield?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly 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 cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Deerfield?
Leasing solar panels can be an attractive choice, because it usually 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 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.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Deerfield, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.