Solar Panel Cost Guide in Grayslake, IL (2024 Update)
- Grayslake Solar Installation Cost: $16,643
- 25-Year Savings: $12,262
- Payback Period: 18.4 Years
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Average Cost of Solar Panels in Grayslake
Here’s how much it might cost to switch to solar power in Grayslake.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Grayslake, the typical cost of a solar system is 4 per watt.To account for the typical energy needs of the average home in Grayslake, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs around $16,643, or $23,799 before the federal solar tax credit of 0 is applied.
The true cost of your system can go higher or lower than the average in Grayslake depending on a few factors, such as the brand of solar panels you choose and the solar contractor you hire.Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Grayslake can save around $14,000 on their energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Grayslake
| Year | Return on Investment |
|---|---|
| 1 years | $-15,487 |
| 3 years | $-13,174 |
| 5 years | $-10,862 |
| 7 years | $-8,550 |
| 9 years | $-6,237 |
| 11 years | $-3,925 |
| 13 years | $-1,612 |
| 15 years | $700 |
| 17 years | $3,012 |
| 19 years | $5,325 |
| 21 years | $7,637 |
| 23 years | $9,949 |
| 25 years | $12,262 |
Top Solar Installers in Grayslake
Many homeowners decide to use a solar installer since figuring out how to install solar panels by yourself can be a labor-intensive endeavor. Another upside of utilizing a solar company is that they can help you make the most of your ROI by bringing down your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Grayslake
Factors that Affect Solar Panel Costs in Grayslake
For many Grayslake homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Grayslake, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,760.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bring your total well above the Grayslake average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Grayslake, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.It’s a good idea to factor 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
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Grayslake is the company you hire to install your solar system. As with choosing a company to build a deck or pool, for example, you’ll have no shortage of solar installers that offer a range of services for different budgets.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk prices, 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 | $3.91 | $16,424 | $5,032 | 19.1 years |
| 8 kW | $3.84 | $21,477 | $7,130 | 18.8 years |
| 10 kW | $3.76 | $26,320 | $9,439 | 18.4 years |
| 12 kW | $3.68 | $30,952 | $11,959 | 18.0 years |
| 14 kW | $3.61 | $35,374 | $14,689 | 17.7 years |
| 16 kW | $3.53 | $39,585 | $17,630 | 17.3 years |
| 18 kW | $3.46 | $43,586 | $20,781 | 16.9 years |
| 20 kW | $3.38 | $47,376 | $24,143 | 16.6 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Grayslake, IL Solar Cost FAQs
What is the average cost of installing solar panels in Grayslake?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my property value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Grayslake?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to 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.