Solar Panel Cost Guide in Hoffman Estates, IL (2024 Update)

  • Hoffman Estates Solar Installation Cost: $17,001
  • 25-Year Savings: $10,268
  • Payback Period: 18.8 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 20, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Hoffman Estates

Find out what the average cost of solar panel installation is in Hoffman Estates.

While the national average of solar panels is $2.66 per watt, solar panels in Hoffman Estates generally cost about 4.The average solar panel system size in Hoffman Estates is around 6.5 kilowatts, meaning a cost of about $17,001 for a solar installation, or $24,311 before the 0 federal solar tax credit is applied.

These figures are only averages, and the cost of going solar for you will most likely vary based on your specific situation and what company you want to go with.For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Hoffman Estates see about $13,000 in savings on utility bills over 20 years.

You can click the button below to get connected with a pre-vetted solar company in Hoffman Estates that can help you get a more accurate cost estimate for your home.

Solar savings over time in Hoffman Estates

YearReturn on Investment
1 years$-15,845
3 years$-13,533
5 years$-11,220
7 years$-8,908
9 years$-6,595
11 years$-4,283
13 years$-1,971
15 years$342
17 years$2,654
19 years$4,966
21 years$7,279
23 years$9,591
25 years$11,903

Top Solar Installers in Hoffman Estates

When going solar, many homeowners opt to go with a solar installation company since handling can be a time-consuming project. The expertise that solar companies provide can be valuable as well, especially if you aren’t sure what brand of solar equipment would be right for your home.

If you're looking for a solar installer in Hoffman Estates, we've put together a list of our top suggestions here:

Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0
  • 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

★★★★★
4.0
  • 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 Hoffman Estates

Factors that Affect Solar Panel Costs in Hoffman Estates

For many Hoffman Estates homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Hoffman Estates, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.

Solar Equipment

The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,760. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Hoffman Estates, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Hoffman Estates homeowners opt to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also adds to your overall costs, so it’s important to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.

Solar Panel Installation Company

A final consideration when trying to estimate the cost of solar for your home or business in Hoffman Estates is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for example, you’ll have many options for solar installers that offer a range of services at different costs.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 find a company that provides the products, warranties and services you want and also fit into your budget.

Solar Panel Cost Data by System Size

System sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.91$16,424$4,58019.5 years
8 kW$3.84$21,477$6,52719.2 years
10 kW$3.76$26,320$8,68618.8 years
12 kW$3.68$30,952$11,05518.4 years
14 kW$3.61$35,374$13,63418.0 years
16 kW$3.53$39,585$16,42417.7 years
18 kW$3.46$43,586$19,42417.3 years
20 kW$3.38$47,376$22,63616.9 years

How to Save on Solar Panels

The solar company you go with will influence not only your overall 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:

  • Solar Panel Brands: Different companies offer various brands and types of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
  • Contract: Before you sign a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
  • Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.

Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0
  • 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

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Hoffman Estates, IL Solar Cost FAQs

What is the average cost of installing solar panels in Hoffman Estates?

This is a tough 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.

Is it better to lease or buy solar panels in Hoffman Estates?

Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.

How much can I save on energy bills after installing solar panels?

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 $700.12 per year.

How often do you have to replace solar panels?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.

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.