Solar Panel Cost Guide in Elk Grove Village, IL (2023 Update)
- Elk Grove Village Solar Installation Cost: $12,345
- 25-Year Savings: $10,267
- Payback Period: 13.7 Years
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Updated March 14, 2023
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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.
The average cost of a solar system in Elk Grove Village is 2.73 per watt. 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 Elk Grove Village depending on several factors, such as the type of solar panels you choose and the solar contractor you hire. But, once you've paid the initial cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $13,000 over 20 years on power bills.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, 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
When making the switch to solar, many homeowners prefer to hire a solar installation company since installing a solar system yourself can be a time-consuming project. Companies can also have access to a large variety of the best solar panels and help you pick which one will be best 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 in Elk Grove Village:
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 Elk Grove Village
Factors that Affect Solar Panel Costs in Elk Grove Village
There are several factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,730 per kilowatt in Elk Grove Village. The 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. However, more efficient panels could save you more in the long run on your power bills. In addition, extra products, such as solar batteries, can bump up your total well above the Elk Grove Village average.
Solar Financing Terms
Most solar installers in Elk Grove Village provide solar loans, which reduce your upfront costs of installing solar. 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 choose will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Warranty: A quality company rises above other companies by providing 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 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 actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Elk Grove Village?
A solar panel system isn't free in Elk Grove Village, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on electricity bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Elk Grove Village, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.