Solar Panel Cost Guide in East Eldorado, IL (2023 Update)
- East Eldorado Solar Installation Cost: $11,581
- 25-Year Savings: $11,792
- Payback Period: 12.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in East Eldorado
Find out what the average cost of installing solar panels is in East Eldorado.
While the national average of solar panels is $2.66 per watt, solar panels in East Eldorado generally cost around 2.73. The average East Eldorado homeowner needs a 6.1-kilowatt system, which would cost about $11,581 with the federal tax credit, or $16,561 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average East Eldorado 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. With typical savings of about $15,000 on utility bills over 20 years, many homeowners in East Eldorado find installing solar panels has a decent ROI.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in East Eldorado
| Year | Return on Investment |
|---|---|
| 1 years | $-10,646 |
| 3 years | $-8,776 |
| 5 years | $-6,906 |
| 7 years | $-5,036 |
| 9 years | $-3,167 |
| 11 years | $-1,297 |
| 13 years | $573 |
| 15 years | $2,443 |
| 17 years | $4,313 |
| 19 years | $6,182 |
| 21 years | $8,052 |
| 23 years | $9,922 |
| 25 years | $11,792 |
Top Solar Installers in East Eldorado
Trying to install solar panels by yourself can be a time-consuming task, which is why getting a solar installer is a good option for many homeowners. The payback period of solar panels will vary based on factors like your roof configuration and energy needs, but going with a solar company can shorten that period. Your provider will be able to help you apply for incentives available in your area.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 East Eldorado
Factors that Affect Solar Panel Costs in East Eldorado
The cost of installing a solar system in East Eldorado can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest 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
When it comes to estimating the cost of solar panels 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 mainly based on your home's energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also affects the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in East Eldorado to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time due to interest. It's wise to include 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
The solar installer you opt for to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies operating throughout East Eldorado, and each can charge different amounts for labor and equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $11,198 | 12.9 years |
| 8 kW | $2.78 | $15,594 | $15,236 | 12.6 years |
| 10 kW | $2.73 | $19,110 | $19,428 | 12.4 years |
| 12 kW | $2.68 | $22,473 | $23,772 | 12.1 years |
| 14 kW | $2.62 | $25,684 | $28,269 | 11.9 years |
| 16 kW | $2.57 | $28,741 | $32,919 | 11.7 years |
| 18 kW | $2.51 | $31,646 | $37,722 | 11.4 years |
| 20 kW | $2.46 | $34,398 | $42,677 | 11.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- 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 choose.
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: If you care about the endurance of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 East Eldorado, IL Solar Cost FAQs
What is the average cost of installing solar panels in East Eldorado?
This is a hard question to answer exactly, because the cost depends on a few different 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 consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in East Eldorado?
A solar panel system isn't free in East Eldorado, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How will solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in East Eldorado is currently $73,269, so you can look forward to a value of about $3,004 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in East Eldorado is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.