Solar Panel Cost Guide in Elk Grove Village, IL (Nov 2022)

  • Elk Grove Village Solar Installation Cost: $12,345
  • 25-Year Savings: $10,267
  • Payback Period: 13.7 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 Elk Grove Village

Let's take a look at the average cost of solar panels in Elk Grove Village.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Elk Grove Village, the typical cost of a solar system is $3 per watt. Using this figure, a typical 6.5 would cost about $12,345 before the 30% federal solar tax credit is applied.

These figures are only estimates, and your own solar costs will vary based on your specific situation and what company you go with. For many homeowners, the upfront cost of solar panels is worth paying. On average Elk Grove Village homeowners see about $13,000 in savings on utility bills over 20 years.

To calculate your potential ROI and connect with a local solar company, click the button below.

Solar savings over time in Elk Grove Village

Year Return on Investment
1 years $-11,441
3 years $-9,632
5 years $-7,823
7 years $-6,014
9 years $-4,205
11 years $-2,396
13 years $-587
15 years $1,222
17 years $3,031
19 years $4,840
21 years $6,649
23 years $8,458
25 years $10,267

Top Solar Installers in Elk Grove Village

Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels on your own can be a labor-intensive endeavor. A solar installer can also help save you money over time by offering warranties, repairs and part replacements.

You can get a free quote from a local solar installer on how much solar panels 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 Elk Grove Village

Factors that Affect Solar Panel Costs in Elk Grove Village

Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Elk Grove Village: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size. Solar power systems that have better efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 energy bills. In addition, extra products, like solar batteries, can bump up your total well above the Elk Grove Village average.

Solar Financing Terms

Many homeowners find the average cost of solar in Elk Grove Village to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

The solar installer you hire to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies in Elk Grove Village, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more 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 discount can bring their pricing down to compete with bigger names.

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 $9,074 14.2 years
8 kW $2.78 $15,594 $12,404 13.9 years
10 kW $2.73 $19,110 $15,887 13.7 years
12 kW $2.68 $22,473 $19,523 13.4 years
14 kW $2.62 $25,684 $23,312 13.1 years
16 kW $2.57 $28,741 $27,254 12.8 years
18 kW $2.51 $31,646 $31,349 12.6 years
20 kW $2.46 $34,398 $35,596 12.3 years

How to Save on Solar Panels

Since the brand 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 tips to keep in mind to help with your decision:

  • Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • Contract: Before signing a contract with a solar installer, be sure to read it through carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
  • Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.

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 Elk Grove Village, IL Solar Cost FAQs

How much does it cost to install solar panels in Elk Grove Village?

The average cost of solar panels in Elk Grove Village is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.

Is cost the most important consideration when buying solar panels?

Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Is going solar worth it?

Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.

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 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 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.

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