Solar Panel Cost Guide in Elgin, IL (2024 Update)
- Elgin Solar Installation Cost: $17,001
- 25-Year Savings: $10,934
- Payback Period: 18.3 Years
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Average Cost of Solar Panels in Elgin
Let’s take a look at the average cost of solar panels in Elgin.
In Elgin, solar panels cost about 4 per watt on average.Using this figure, a typical 6.5-kW system would cost about $17,001 before the 0 federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you may differ based on your energy needs and what company you want to go with.For most homeowners, the upfront cost of solar is worth paying. On average Elgin homeowners see about $14,000 in savings on utility bills over 20 years.
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 Elgin
| Year | Return on Investment |
|---|---|
| 1 years | $-15,845 |
| 3 years | $-13,533 |
| 5 years | $-11,220 |
| 7 years | $-8,908 |
| 9 years | $-6,595 |
| 11 years | $-4,283 |
| 13 years | $-1,971 |
| 15 years | $342 |
| 17 years | $2,654 |
| 19 years | $4,966 |
| 21 years | $7,279 |
| 23 years | $9,591 |
| 25 years | $11,903 |
Top Solar Installers in Elgin
Installing solar panels yourself can be a stressful project, which is why hiring a solar installer is a good option for many homeowners. Solar warranties and repairs are ordinarily included in the cost of installation when you go with a solar contractor too, which can save you more money after your upfront investment.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Elgin
Factors that Affect Solar Panel Costs in Elgin
There are several criteria that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,760.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Elgin, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Elgin have solar loans, which reduce the initial cost of installing a solar system.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Elgin, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.The company’s size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $5,199 | 19.0 years |
| 8 kW | $3.84 | $21,477 | $7,353 | 18.6 years |
| 10 kW | $3.76 | $26,320 | $9,717 | 18.3 years |
| 12 kW | $3.68 | $30,952 | $12,293 | 17.9 years |
| 14 kW | $3.61 | $35,374 | $15,078 | 17.5 years |
| 16 kW | $3.53 | $39,585 | $18,075 | 17.2 years |
| 18 kW | $3.46 | $43,586 | $21,282 | 16.8 years |
| 20 kW | $3.38 | $47,376 | $24,699 | 16.4 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: The type of solar panel you want to install plays a role in which installer you should choose, since different companies offer different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Elgin, IL Solar Cost FAQs
How much does it cost to install solar panels in Elgin?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose 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 secure 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 bang for your buck from going solar.
How will having solar panels impact my property value?
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?
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 how much energy they produce will have decreased significantly after that point. You can choose 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.