Solar Panel Cost Guide in Elgin, IL (Nov 2022)

  • Elgin Solar Installation Cost: $12,345
  • 25-Year Savings: $10,933
  • Payback Period: 13.3 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Elgin

Find out what the average cost of solar panels are in Elgin.

In Elgin, solar panels cost about $3 per watt on average. Using this figure, a typical 6.5 would cost about $12,345 before the 30% federal solar tax credit is applied.

How much you pay can be above or below the average in Elgin based on a few factors, such as the model of solar panels you choose and the solar installer you hire. Even with the significant upfront cost, the average Elgin homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the positives of solar.

For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Elgin

Year Return on Investment
1 years $-11,414
3 years $-9,552
5 years $-7,689
7 years $-5,827
9 years $-3,965
11 years $-2,103
13 years $-240
15 years $1,622
17 years $3,484
19 years $5,346
21 years $7,208
23 years $9,071
25 years $10,933

Top Solar Installers in Elgin

When going solar, many homeowners opt to go with a solar installer since DIY solar panel installation can be a time-consuming project. The expertise that solar installers offer can be invaluable as well, especially if you aren't sure what brand of solar equipment would be right for your home.

You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Elgin

Factors that Affect Solar Panel Costs in Elgin

There are a number of criteria that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.

Solar Equipment

One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,730 per kilowatt in Elgin. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Elgin average.

Solar Financing Terms

Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Elgin homeowners opt to finance their solar panel systems to offset upfront costs. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.

Solar Panel Installation Company

The last significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Elgin, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Elgin have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 $9,698 13.8 years
8 kW $2.78 $15,594 $13,236 13.5 years
10 kW $2.73 $19,110 $16,927 13.3 years
12 kW $2.68 $22,473 $20,772 13.0 years
14 kW $2.62 $25,684 $24,769 12.7 years
16 kW $2.57 $28,741 $28,919 12.5 years
18 kW $2.51 $31,646 $33,221 12.2 years
20 kW $2.46 $34,398 $37,677 11.9 years

How to Save on Solar Panels

The solar panel company you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:

  • Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
  • Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
  • Contract: Before you sign a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
  • Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Elgin, IL Solar Cost FAQs

What is the average cost of installing solar panels in Elgin?

This is a tough question to answer exactly, because the cost depends on a variety of 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.

Should I lease or buy solar panels in Elgin?

Leasing solar panels can be an attractive choice, because it often 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 will installing solar panels impact the value of my 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% with a solar installation."

How long do solar panels last in Elgin?

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.

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