Solar Panel Cost Guide in Island Lake, IL (2024 Update)
- Island Lake Solar Installation Cost: $16,901
- 25-Year Savings: $10,340
- Payback Period: 18.7 Years
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Average Cost of Solar Panels in Island Lake
Find out what the average cost of installing solar panels is in Island Lake.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Island Lake, the typical cost of solar panels is 4 per watt.To cover the typical energy needs of the average home in Island Lake, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $16,901, or $24,168 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of equipment you choose, your solar contractor and more.Despite the significant upfront cost, the average Island Lake homeowner can save about $13,000 on their power bills over 20 years, which is one of the benefits of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Island Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-15,745 |
| 3 years | $-13,433 |
| 5 years | $-11,120 |
| 7 years | $-8,808 |
| 9 years | $-6,496 |
| 11 years | $-4,183 |
| 13 years | $-1,871 |
| 15 years | $441 |
| 17 years | $2,754 |
| 19 years | $5,066 |
| 21 years | $7,378 |
| 23 years | $9,691 |
| 25 years | $12,003 |
Top Solar Installers in Island Lake
Many homeowners decide to hire a solar installer since figuring out how to install solar panels yourself can be hard. The expertise that solar installers offer can be invaluable as well, especially if you aren’t sure what type of solar equipment you need.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Island Lake
Factors that Affect Solar Panel Costs in Island Lake
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Island Lake: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Island Lake, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by around $3,760 for each additional kilowatt you need.The model of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions 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 researching a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Island Lake homeowners decide to finance their solar panel systems to offset upfront costs.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Island Lake, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.Some companies only sell high-efficiency and high-priced 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 decide on the company that provides the products, warranties and services you’re looking for and also fit into your budget.
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 | $4,704 | 19.4 years |
| 8 kW | $3.84 | $21,477 | $6,693 | 19.1 years |
| 10 kW | $3.76 | $26,320 | $8,892 | 18.7 years |
| 12 kW | $3.68 | $30,952 | $11,302 | 18.3 years |
| 14 kW | $3.61 | $35,374 | $13,923 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $16,754 | 17.6 years |
| 18 kW | $3.46 | $43,586 | $19,796 | 17.2 years |
| 20 kW | $3.38 | $47,376 | $23,049 | 16.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: The brand of solar panel you’d like plays a part in which installer you should go with, since different companies provide different panels.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of 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 satisfied reviews from previous customers.
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 Island Lake, IL Solar Cost FAQs
How much does it cost to install solar panels in Island Lake?
The average cost of solar panels in Island Lake is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Island Lake?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels eliminate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Island Lake, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.