Solar Panel Cost Guide in Fox Lake, IL (2023 Update)
- Fox Lake Solar Installation Cost: $12,269
- 25-Year Savings: $10,343
- Payback Period: 13.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Fox Lake
Find out how much it might cost to make the switch to solar in Fox Lake.
The national average cost of solar panels is $2.66 per watt, but in Fox Lake it's 2.73 per watt. The average solar panel system size in Fox Lake is around 6.4 kilowatts, meaning a cost of about $12,269 for a solar installation, or $17,545 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of installing solar panels can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what company you go with. With typical savings of about $13,000 on electricity bills over 20 years, many homeowners in Fox Lake find going solar can be quite rewarding.
Click the button below to get connected to a vetted solar installer in your area for a custom quote.
Solar savings over time in Fox Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,364 |
| 3 years | $-9,555 |
| 5 years | $-7,746 |
| 7 years | $-5,937 |
| 9 years | $-4,128 |
| 11 years | $-2,319 |
| 13 years | $-511 |
| 15 years | $1,298 |
| 17 years | $3,107 |
| 19 years | $4,916 |
| 21 years | $6,725 |
| 23 years | $8,534 |
| 25 years | $10,343 |
Top Solar Installers in Fox Lake
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring a solar company can make converting to solar power much easier. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 Fox Lake
Factors that Affect Solar Panel Costs in Fox Lake
The cost of installing a solar system in Fox Lake can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 $2,730. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Fox Lake homeowners choose to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can play a role in determining how much you pay. Fox Lake's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $9,203 | 14.1 years |
| 8 kW | $2.78 | $15,594 | $12,576 | 13.8 years |
| 10 kW | $2.73 | $19,110 | $16,102 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,781 | 13.3 years |
| 14 kW | $2.62 | $25,684 | $23,613 | 13.0 years |
| 16 kW | $2.57 | $28,741 | $27,598 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,736 | 12.5 years |
| 20 kW | $2.46 | $34,398 | $36,027 | 12.2 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 find the right company for you, here are some tips to keep in mind:
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: The model of solar panel you need plays a role in which installer you should go with, 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 Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Fox Lake, IL Solar Cost FAQs
How much does it cost to install solar panels in Fox Lake?
The average cost of solar panels in Fox Lake 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 certain factors 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 Fox Lake?
You can't get solar panels for free in Fox Lake. However, you may still be able to get 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.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out how many solar panels 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 usually produce about 250 to 400 watt-hours per hour, the average household 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.