Solar Panel Cost Guide in Gages Lake, IL (2023 Update)
- Gages Lake Solar Installation Cost: $12,078
- 25-Year Savings: $10,534
- Payback Period: 13.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Gages Lake
Find out how much it might cost to install solar panels in Gages Lake.
The national average cost of solar panels is $2.66 per watt, but in Gages Lake it's 2.73 per watt. To cover the typical energy usage of the average home in Gages Lake, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,078, or $17,272 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Gages Lake homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar power is worth paying. On average Gages Lake homeowners see about $14,000 in savings on utility bills over 20 years.
Click the button below to get connected to a top solar panel company in Gages Lake for a personalized quote.
Solar savings over time in Gages Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,173 |
| 3 years | $-9,364 |
| 5 years | $-7,555 |
| 7 years | $-5,746 |
| 9 years | $-3,937 |
| 11 years | $-2,128 |
| 13 years | $-319 |
| 15 years | $1,490 |
| 17 years | $3,298 |
| 19 years | $5,107 |
| 21 years | $6,916 |
| 23 years | $8,725 |
| 25 years | $10,534 |
Top Solar Installers in Gages Lake
Although you can install solar panels by yourself, it requires extra labor and expertise. That's why most homeowners choose a solar panel installer. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be right for your home.
If you're on the hunt for a solar company in Gages Lake, 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 (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 Gages Lake
Factors that Affect Solar Panel Costs in Gages Lake
The cost of installing a solar system in Gages Lake can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,730. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Gages Lake, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Gages Lake offer solar loans, which reduce your upfront costs of installing solar panels. Though solar loans make going solar more accessible for Gages Lake homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Gages Lake, and each can charge different amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $9,531 | 13.9 years |
| 8 kW | $2.78 | $15,594 | $13,014 | 13.6 years |
| 10 kW | $2.73 | $19,110 | $16,649 | 13.4 years |
| 12 kW | $2.68 | $22,473 | $20,438 | 13.1 years |
| 14 kW | $2.62 | $25,684 | $24,379 | 12.8 years |
| 16 kW | $2.57 | $28,741 | $28,473 | 12.6 years |
| 18 kW | $2.51 | $31,646 | $32,721 | 12.3 years |
| 20 kW | $2.46 | $34,398 | $37,121 | 12.0 years |
How to Save on Solar Panels
The solar installer you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- Contract: Look through the contract terms thoroughly to make sure you understand the total cost, completion timeline incentives and warranties.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: The model of solar panel you'd like to get plays a role in which installer you should choose, since different companies have access to different panels.
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 Gages Lake, IL Solar Cost FAQs
How much does it cost to install solar panels in Gages Lake?
The average cost of solar panels in Gages Lake 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 things like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Gages Lake?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Gages Lake is currently $298,394, which means you can expect a value of about $12,234 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Gages Lake is a fruitful investment.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know 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 home 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.