Solar Panel Cost Guide in Elgin, IL (Mar 2023)
- Elgin Solar Installation Cost: $12,345
- 25-Year Savings: $10,933
- Payback Period: 13.3 Years
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Updated March 14, 2023
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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 2.73 per watt on average. Using this figure, a typical 6.5-kW system 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 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 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 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 Elgin, IL Solar Cost FAQs
How much does it cost to install solar panels in Elgin?
This is a hard question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Elgin?
Solar panels aren't free in Elgin, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is going solar worth it?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Elgin?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of 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.