Solar Panel Cost Guide in Glencoe, IL (2024 Update)
- Glencoe Solar Installation Cost: $16,818
- 25-Year Savings: $12,393
- Payback Period: 17.1 Years
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Average Cost of Solar Panels in Glencoe
Find out what the average cost of solar panels are in Glencoe.
The average cost of solar panels in Glencoe is 4 per watt.To cover the typical energy needs of the average home in Glencoe, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $16,818, or $24,050 before the federal solar tax credit of 0 is applied.
These figures are only estimates, and the cost of going solar for you will differ based on your specific situation and what company you go with.Despite the significant initial cost, the average Glencoe homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the benefits of solar.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Glencoe
| Year | Return on Investment |
|---|---|
| 1 years | $-15,662 |
| 3 years | $-13,350 |
| 5 years | $-11,038 |
| 7 years | $-8,725 |
| 9 years | $-6,413 |
| 11 years | $-4,100 |
| 13 years | $-1,788 |
| 15 years | $524 |
| 17 years | $2,837 |
| 19 years | $5,149 |
| 21 years | $7,461 |
| 23 years | $9,774 |
| 25 years | $12,086 |
Top Solar Installers in Glencoe
When going solar, many homeowners decide to hire a solar company since DIY solar panel installation can be a difficult project. Solar warranties and repairs are typically included in the cost of installation when you sign a contract with a solar company as well, which can save you more money over time.
If you're on the hunt for a solar installer in Glencoe, 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Glencoe
Factors that Affect Solar Panel Costs in Glencoe
There are several factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production 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 $3,760.The brand of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on 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 into a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Glencoe offer solar loans, which reduce the initial cost of installing a solar system.However, the interest on solar loans also adds to your total costs, so it’s important to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Glencoe, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions 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 | $3.91 | $16,424 | $6,679 | 17.8 years |
| 8 kW | $3.84 | $21,477 | $9,326 | 17.4 years |
| 10 kW | $3.76 | $26,320 | $12,184 | 17.1 years |
| 12 kW | $3.68 | $30,952 | $15,253 | 16.7 years |
| 14 kW | $3.61 | $35,374 | $18,532 | 16.4 years |
| 16 kW | $3.53 | $39,585 | $22,022 | 16.1 years |
| 18 kW | $3.46 | $43,586 | $25,722 | 15.7 years |
| 20 kW | $3.38 | $47,376 | $29,633 | 15.4 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Solar Panel Brands: The type of solar panel you need plays a role in which installer you should opt for, since different companies offer different panels.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Glencoe, IL Solar Cost FAQs
How much does it cost to install solar panels in Glencoe?
The average cost of solar panels in Glencoe is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How will having solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Glencoe is currently $1,235,221, so you can look forward to a value of about $50,644 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Glencoe is a worthwhile investment.
How long do solar panels last in Glencoe?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.