Solar Panel Cost Guide in Hoffman Estates, IL (2023 Update)
- Hoffman Estates Solar Installation Cost: $12,345
- 25-Year Savings: $10,267
- Payback Period: 13.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hoffman Estates
Let's have a look at the average cost of solar panels in Hoffman Estates.
In Hoffman Estates, solar panels cost about 2.73 per watt on average. The average solar panel system size in Hoffman Estates is around 6.5 kilowatts, meaning a cost of about $12,345 for a solar installation, or $17,653 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Hoffman Estates homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $13,000 over 20 years on utility bills.
You can click the button below to get connected with a top 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
| Year | Return on Investment |
|---|---|
| 1 years | $-11,441 |
| 3 years | $-9,632 |
| 5 years | $-7,823 |
| 7 years | $-6,014 |
| 9 years | $-4,205 |
| 11 years | $-2,396 |
| 13 years | $-587 |
| 15 years | $1,222 |
| 17 years | $3,031 |
| 19 years | $4,840 |
| 21 years | $6,649 |
| 23 years | $8,458 |
| 25 years | $10,267 |
Top Solar Installers in Hoffman Estates
Many homeowners decide to hire a solar installer since trying to install solar panels on your own can be a lot of work. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 go solar depends 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 various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Hoffman Estates. The brand of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond 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 into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Hoffman Estates homeowners opt to finance their solar panel systems to offset upfront costs. It's a good idea to include 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 the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar installation company you choose will play a role in your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. Larger national companies typically 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 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
There are a large number of companies to choose from in Hoffman Estates, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- 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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Hoffman Estates, IL Solar Cost FAQs
What is the average cost of installing solar panels in Hoffman Estates?
The average cost of solar panels in Hoffman Estates 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 type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to keep in mind when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Hoffman Estates have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future energy 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 requires 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.