Solar Panel Cost Guide in East Eldorado, IL (2024 Update)
- East Eldorado Solar Installation Cost: $15,963
- 25-Year Savings: $11,783
- Payback Period: 17.1 Years
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Average Cost of Solar Panels in East Eldorado
See how much it might cost to go solar in East Eldorado.
The average cost of a solar system in East Eldorado is 4 per watt.The average solar panel system size in East Eldorado is around 6.1 kilowatts, meaning a cost of about $15,963 for a solar installation, or $22,827 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy consumption and what company you go with.But, after you've paid the initial cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $15,000 over 20 years on electricity bills.
To get a free estimate from a pre-vetted solar company in East Eldorado, you can click the button below.
Solar savings over time in East Eldorado
| Year | Return on Investment |
|---|---|
| 1 years | $-15,112 |
| 3 years | $-13,411 |
| 5 years | $-11,709 |
| 7 years | $-10,008 |
| 9 years | $-8,307 |
| 11 years | $-6,605 |
| 13 years | $-4,904 |
| 15 years | $-3,203 |
| 17 years | $-1,502 |
| 19 years | $200 |
| 21 years | $1,901 |
| 23 years | $3,602 |
| 25 years | $5,304 |
Top Solar Installers in East Eldorado
Although it's possible to install solar panels by yourself, it requires extra labor and know-how. That's why most people choose to hire a solar panel installer. Solar installers offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are a number of licensed solar professionals that can install solar panels for you. 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- 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 East Eldorado
Factors that Affect Solar Panel Costs in East Eldorado
For many East Eldorado homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in East Eldorado, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in East Eldorado, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.The brand of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on 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 falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many East Eldorado homeowners opt to finance their solar panel systems to offset upfront costs.Though solar loans make adopting solar energy more accessible for East Eldorado homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose will impact your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.Larger national companies generally 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 additional 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 | $3.91 | $16,424 | $6,699 | 17.8 years |
| 8 kW | $3.84 | $21,477 | $9,353 | 17.4 years |
| 10 kW | $3.76 | $26,320 | $12,218 | 17.1 years |
| 12 kW | $3.68 | $30,952 | $15,293 | 16.7 years |
| 14 kW | $3.61 | $35,374 | $18,579 | 16.4 years |
| 16 kW | $3.53 | $39,585 | $22,075 | 16.0 years |
| 18 kW | $3.46 | $43,586 | $25,782 | 15.7 years |
| 20 kW | $3.38 | $47,376 | $29,699 | 15.4 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
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
Best Technology
Tesla Energy
- 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 East Eldorado, IL Solar Cost FAQs
How much does it cost to install solar panels in East Eldorado?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly 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 extra solar equipment or more efficient 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 efficient solar panels.
Are solar panels free in East Eldorado?
You can’t get solar panels for free in East Eldorado. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Do solar panels increase the value of your home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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 their energy production will have decreased significantly after that point. You can choose to 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.