Solar Panel Cost Guide in Fox Lake, IL (2025 Update)
- Fox Lake Solar Installation Cost: $16,901
- 25-Year Savings: $10,340
- Payback Period: 18.7 Years
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Average Cost of Solar Panels in Fox Lake
We break down average solar pricing in Fox Lake.
The national average cost of solar panels is $2.66 per watt, but in Fox Lake it’s 4 per watt.The average Fox Lake homeowner needs a 6.4-kilowatt system, which would cost about $16,901 with the federal tax credit, or $24,168 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of equipment you want to get, your solar contractor and more.Even with the significant initial cost, the average Fox Lake homeowner can save around $13,000 on their power bills over 20 years, which is one of the perks of solar.
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Solar savings over time in Fox Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-15,745 |
| 3 years | $-13,433 |
| 5 years | $-11,120 |
| 7 years | $-8,808 |
| 9 years | $-6,496 |
| 11 years | $-4,183 |
| 13 years | $-1,871 |
| 15 years | $441 |
| 17 years | $2,754 |
| 19 years | $5,066 |
| 21 years | $7,378 |
| 23 years | $9,691 |
| 25 years | $12,003 |
Top Solar Installers in Fox Lake
Although you can install solar panels yourself, it requires extra energy and know-how. For that reason, almost all homeowners choose to hire a solar panel installer. Another upside of going with a solar installer is that they can help you optimize your ROI by bringing down your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
See all of the solar companies in Fox Lake
Factors that Affect Solar Panel Costs in Fox Lake
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Fox Lake: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, 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 about $3,760. There are several different solar panel brands and the one you pick also changes the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Fox Lake homeowners opt to finance their solar panel systems to make paying for solar more affordable.Although solar loans make going solar more accessible for Fox Lake homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Fox Lake is the company you get to install your PV system. As with choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different costs.Larger national companies generally have lower costs, but some local companies keep up with 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 | $3.91 | $16,424 | $4,704 | 19.4 years |
| 8 kW | $3.84 | $21,477 | $6,693 | 19.1 years |
| 10 kW | $3.76 | $26,320 | $8,892 | 18.7 years |
| 12 kW | $3.68 | $30,952 | $11,302 | 18.3 years |
| 14 kW | $3.61 | $35,374 | $13,923 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $16,754 | 17.6 years |
| 18 kW | $3.46 | $43,586 | $19,796 | 17.2 years |
| 20 kW | $3.38 | $47,376 | $23,049 | 16.8 years |
How to Save on Solar Panels
The solar panel company you go with will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Contract: Look through the contract terms carefully to make sure you understand the overall cost, project timeline rebates and warranties.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
EcoWatch's Fox Lake, IL Solar Cost FAQs
What is the average cost of installing solar panels in Fox Lake?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Fox Lake?
You can’t get solar panels for free in Fox Lake. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $704.25 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.