Solar Panel Cost Guide in Glencoe, IL (2023 Update)
- Glencoe Solar Installation Cost: $12,211
- 25-Year Savings: $12,393
- Payback Period: 12.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Glencoe
Find out what the average cost of installing solar panels is in Glencoe.
The average cost of a solar system in Glencoe is 2.73 per watt. The average solar panel system size in Glencoe is around 6.4 kilowatts, meaning a cost of about $12,211 for a solar installation, or $17,462 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of going solar can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what solar installer you go with. For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $15,000 in savings on energy bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Glencoe
| Year | Return on Investment |
|---|---|
| 1 years | $-12,129 |
| 3 years | $-11,965 |
| 5 years | $-11,801 |
| 7 years | $-11,637 |
| 9 years | $-11,473 |
| 11 years | $-11,309 |
| 13 years | $-11,145 |
| 15 years | $-10,981 |
| 17 years | $-10,817 |
| 19 years | $-10,653 |
| 21 years | $-10,489 |
| 23 years | $-10,325 |
| 25 years | $-10,161 |
Top Solar Installers in Glencoe
Trying to put up solar panels on your own can be a stressful project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar companies offer can be useful as well, especially if you don't quite know what brand of solar equipment you need.
If you're searching for a solar company in Glencoe, we've 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
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 does the installation.
Solar Equipment
When it comes to estimating the price of a solar system in Glencoe, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past energy bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. There are many different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Glencoe homeowners choose to finance their solar panel systems to offset upfront costs. Although solar loans make adopting solar energy more accessible for Glencoe homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Glencoe, and each can charge different amounts for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also is within your budget.
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 | $11,178 | 12.9 years |
| 8 kW | $2.78 | $15,594 | $15,210 | 12.7 years |
| 10 kW | $2.73 | $19,110 | $19,394 | 12.4 years |
| 12 kW | $2.68 | $22,473 | $23,732 | 12.2 years |
| 14 kW | $2.62 | $25,684 | $28,222 | 11.9 years |
| 16 kW | $2.57 | $28,741 | $32,865 | 11.7 years |
| 18 kW | $2.51 | $31,646 | $37,662 | 11.4 years |
| 20 kW | $2.46 | $34,398 | $42,611 | 11.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Glencoe, IL Solar Cost FAQs
What is the average cost of installing solar panels in Glencoe?
The average cost of solar panels in Glencoe 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 like the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels significantly reduce my energy bills?
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 $770.09 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house 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.