Solar Panel Cost Guide in Gurnee, IL (2024 Update)
- Gurnee Solar Installation Cost: $16,643
- 25-Year Savings: $10,528
- Payback Period: 18.4 Years
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Average Cost of Solar Panels in Gurnee
We go over average solar pricing in Gurnee.
The national average cost of solar panels is $2.66 per watt, but in Gurnee it’s 4 per watt.The average Gurnee homeowner needs a 6.3-kilowatt system, which would cost about $16,643 with the federal tax credit, or $23,799 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what installation company you go with.But, once you've paid the initial cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $14,000 over 20 years on utility bills.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Gurnee
| 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 Gurnee
Trying to install solar panels by yourself can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. Another upside of using a solar installer is that they can help you maximize your investment by bringing down your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
If you’d like to start using solar energy but still aren’t sure which solar system installer to go with, here are our suggestions for providers in Gurnee:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Gurnee
Factors that Affect Solar Panel Costs in Gurnee
For many Gurnee homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Gurnee, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar system in Gurnee, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past energy bills. Your total cost can increase by around $3,760 for each additional kilowatt you need.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for 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, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bring your total well above the Gurnee average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are offered by most installers in Gurnee, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Gurnee is the company you get to install your solar system. As with choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that provide a range of services at different price points.Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely provide quality solar panel installation and expertise.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Gurnee, IL Solar Cost FAQs
How much does it cost to install solar panels in Gurnee?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally 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 additional solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Gurnee?
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 property 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 solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Gurnee is currently $335,349, so you can look forward to a value of about $13,749 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Gurnee is a fruitful investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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 household 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.