Solar Panel Cost Guide in Fox River Grove, IL (2023 Update)
- Fox River Grove Solar Installation Cost: $12,271
- 25-Year Savings: $10,340
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Fox River Grove
Let's take a look at the average cost of solar panels in Fox River Grove.
The average cost of solar panels in Fox River Grove is 2.73 per watt. Because a 6.4-kW system is needed to cover the energy needs of a typical home in Fox River Grove, the average price of going solar will be about $12,269 after claiming the federal solar tax credit of 30%.
The true cost of your system can go higher or lower than the average in Fox River Grove based on a few factors, such as the model of solar panels you choose and the solar installer you hire. Even with the significant upfront cost, the average Fox River Grove homeowner can save around $13,000 on their power bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a vetted solar panel company in Fox River Grove for a personalized estimate.
Solar savings over time in Fox River Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-11,115 |
| 3 years | $-8,803 |
| 5 years | $-6,491 |
| 7 years | $-4,178 |
| 9 years | $-1,866 |
| 11 years | $447 |
| 13 years | $2,759 |
| 15 years | $5,071 |
| 17 years | $7,384 |
| 19 years | $9,696 |
| 21 years | $12,008 |
| 23 years | $14,321 |
| 25 years | $16,633 |
Top Solar Installers in Fox River Grove
When making the switch to solar, many homeowners opt to use a solar installer since handling can be a difficult project. The expertise that solar companies offer can be helpful as well, particularly if you aren't sure what brand of solar equipment you need.
Working with a vetted solar company 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
See all of the solar companies in Fox River Grove
Factors that Affect Solar Panel Costs in Fox River Grove
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that determine your overall cost in Fox River Grove: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Fox River Grove. There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you choose 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
Most solar installers in Fox River Grove have solar loans, which reduce the initial cost of installing a solar system. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can impact your pricing. Fox River Grove's solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, 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 | $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
Since the kind of solar panels and the installer you choose considerably influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project completion 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.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean 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 check your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Fox River Grove, IL Solar Cost FAQs
What is the average cost of installing solar panels in Fox River Grove?
The average cost of solar panels in Fox River Grove 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 kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. 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 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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.