Solar Panel Cost Guide in Elgin, IL (2023 Update)
- Elgin Solar Installation Cost: $12,344
- 25-Year Savings: $10,934
- Payback Period: 13.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Elgin
We break down average solar pricing in Elgin.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elgin, the typical cost of a solar system is 2.73 per watt. The average solar panel system size in Elgin is around 6.5 kilowatts, meaning a cost of about $12,345 for a solar installation, or $17,653 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Elgin homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Elgin see about $14,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Elgin
| Year | Return on Investment |
|---|---|
| 1 years | $-12,266 |
| 3 years | $-12,111 |
| 5 years | $-11,956 |
| 7 years | $-11,801 |
| 9 years | $-11,646 |
| 11 years | $-11,490 |
| 13 years | $-11,335 |
| 15 years | $-11,180 |
| 17 years | $-11,025 |
| 19 years | $-10,870 |
| 21 years | $-10,714 |
| 23 years | $-10,559 |
| 25 years | $-10,404 |
Top Solar Installers in Elgin
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with a solar company can make swapping over to solar power much easier. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
If you're searching for a solar company in Elgin, the EcoWatch team has put together 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
See all of the solar companies in Elgin
Factors that Affect Solar Panel Costs in Elgin
The cost of installing a solar system in Elgin can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
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 power your household consumes, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Elgin. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Elgin homeowners opt to finance their solar panel systems to offset upfront costs. Although solar loans make adopting solar energy more accessible for Elgin homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you select will play a role in your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Elgin know more 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 help you save 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
Since the model of solar panels and the installer 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 things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Elgin, IL Solar Cost FAQs
How much does it cost to install solar panels in Elgin?
This is a hard 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. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Elgin?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can solar panels eliminate my energy bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Elgin, that will require at least a 10-kW system. Not all homes will have the roof space for 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?
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 how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using 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.