Solar Panel Cost Guide in Elburn, IL (Mar 2023)
- Elburn Solar Installation Cost: $12,479
- 25-Year Savings: $13,909
- Payback Period: 11.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elburn
We break down average solar pricing in Elburn.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elburn, the typical cost of solar panels is 2.73 per watt. Using this figure, a typical 6.5-kW system would cost about $12,479 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy consumption and what company you go with. Despite the large initial cost, the average Elburn homeowner can save around $15,000 on their energy bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a vetted solar panel company in your area for a customized quote.
Solar savings over time in Elburn
| Year | Return on Investment |
|---|---|
| 1 years | $-11,423 |
| 3 years | $-9,312 |
| 5 years | $-7,201 |
| 7 years | $-5,090 |
| 9 years | $-2,979 |
| 11 years | $-868 |
| 13 years | $1,243 |
| 15 years | $3,354 |
| 17 years | $5,465 |
| 19 years | $7,576 |
| 21 years | $9,687 |
| 23 years | $11,798 |
| 25 years | $13,909 |
Top Solar Installers in Elburn
Many homeowners choose to use a solar installation company since installing solar panels by yourself can be time-consuming. Plus, if you aren't sure what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're looking for a solar installer in Elburn, we've compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Elburn
Factors that Affect Solar Panel Costs in Elburn
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average in Elburn: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Elburn, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. The brand of solar panels and equipment you want is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, 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
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Elburn, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to 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 significantly.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Elburn, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also fits within your budget.
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 | $12,320 | 12.3 years |
| 8 kW | $2.78 | $15,594 | $16,733 | 12.1 years |
| 10 kW | $2.73 | $19,110 | $21,298 | 11.8 years |
| 12 kW | $2.68 | $22,473 | $26,017 | 11.6 years |
| 14 kW | $2.62 | $25,684 | $30,888 | 11.4 years |
| 16 kW | $2.57 | $28,741 | $35,912 | 11.1 years |
| 18 kW | $2.51 | $31,646 | $41,089 | 10.9 years |
| 20 kW | $2.46 | $34,398 | $46,419 | 10.6 years |
How to Save on Solar Panels
There are many companies to choose from in Elburn, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Elburn, IL Solar Cost FAQs
How much does it cost to install solar panels in Elburn?
This is a tough question to answer exactly, because the cost depends on a few different 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Elburn is currently $321,000, which means you could be looking at a value of about $13,161 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Elburn is a worthwhile investment.
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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.