Solar Panel Cost Guide in Elm Grove, IL (2023 Update)
- Elm Grove Solar Installation Cost: $12,154
- 25-Year Savings: $7,676
- Payback Period: 15.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elm Grove
We break down average solar pricing in Elm Grove.
In Elm Grove, solar panels cost about 2.73 per watt on average. The average solar panel system size in Elm Grove is around 6.4 kilowatts, meaning a cost of about $12,154 for a solar installation, or $17,380 before the 30% federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Elm Grove depending on a few factors, such as the model of solar panels you choose and the solar installer you hire. For most homeowners, the upfront cost of solar power is worth paying. On average Elm Grove homeowners see about $12,000 in savings on energy bills over 20 years.
Click the button below to get connected to a reputable solar company in Elm Grove for a personalized estimate.
Solar savings over time in Elm Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-11,361 |
| 3 years | $-9,774 |
| 5 years | $-8,188 |
| 7 years | $-6,601 |
| 9 years | $-5,015 |
| 11 years | $-3,429 |
| 13 years | $-1,842 |
| 15 years | $-256 |
| 17 years | $1,331 |
| 19 years | $2,917 |
| 21 years | $4,503 |
| 23 years | $6,090 |
| 25 years | $7,676 |
Top Solar Installers in Elm Grove
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Going with an installer can make converting to solar power much easier. The expertise that solar companies offer can be valuable as well, particularly if you don't quite know what kind of solar equipment you need.
If you're on the hunt for a solar installer in Elm Grove, the EcoWatch team has compiled 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Elm Grove
Factors that Affect Solar Panel Costs in Elm Grove
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Elm Grove: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,730. The type of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Elm Grove to be too costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. Even though solar loans make switching to solar energy more accessible for Elm Grove homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you pick will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $6,772 | 15.9 years |
| 8 kW | $2.78 | $15,594 | $9,336 | 15.6 years |
| 10 kW | $2.73 | $19,110 | $12,052 | 15.3 years |
| 12 kW | $2.68 | $22,473 | $14,921 | 15.0 years |
| 14 kW | $2.62 | $25,684 | $17,943 | 14.7 years |
| 16 kW | $2.57 | $28,741 | $21,117 | 14.4 years |
| 18 kW | $2.51 | $31,646 | $24,445 | 14.1 years |
| 20 kW | $2.46 | $34,398 | $27,925 | 13.8 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose greatly affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: If you're worried about the durability of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Contract: Before signing a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you're not 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 sound reputation as a company and have verifiable 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 positive reviews from past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Elm Grove, IL Solar Cost FAQs
How much does it cost to install solar panels in Elm Grove?
This is a difficult 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Elm Grove?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on electricity bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Elm Grove, 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 contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.