Solar Panel Cost Guide in Hoffman Estates, IL (2023 Update)
- Hoffman Estates Solar Installation Cost: $12,344
- 25-Year Savings: $10,268
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hoffman Estates
Here's how much it might cost to install solar panels in Hoffman Estates.
In Hoffman Estates, solar panels cost about 2.73 per watt on average. Because a 6.5-kW system is needed to cover the energy costs of a typical home in Hoffman Estates, the average price of going solar will be about $12,345 after claiming the federal solar tax credit of 30%.
These figures are just averages, and how much solar costs for you will most likely vary based on your specific situation and what company you choose to go with. Even with the high upfront cost, the average Hoffman Estates homeowner can save about $13,000 on their power bills over 20 years, which is one of the positives of solar.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Hoffman Estates
| Year | Return on Investment |
|---|---|
| 1 years | $-12,268 |
| 3 years | $-12,118 |
| 5 years | $-11,967 |
| 7 years | $-11,816 |
| 9 years | $-11,666 |
| 11 years | $-11,515 |
| 13 years | $-11,364 |
| 15 years | $-11,213 |
| 17 years | $-11,063 |
| 19 years | $-10,912 |
| 21 years | $-10,761 |
| 23 years | $-10,610 |
| 25 years | $-10,460 |
Top Solar Installers in Hoffman Estates
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Using an installer can make your switch to solar power much easier. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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 Hoffman Estates
Factors that Affect Solar Panel Costs in Hoffman Estates
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Hoffman Estates: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $2,730 per kilowatt in Hoffman Estates. The kind of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to think about 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 for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a solid choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installation company you select will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have 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 | $9,079 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,411 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $15,896 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,534 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,324 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,268 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,364 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,614 | 12.3 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- 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 such as a system component breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Hoffman Estates, IL Solar Cost FAQs
How much does it cost to install solar panels in Hoffman Estates?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 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 opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Hoffman Estates?
You can't get solar panels for free in Hoffman Estates. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Does Hoffman Estates have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out what solar panel system size 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 generally 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.