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.
The national average cost of solar panels is $2.66 per watt, but in Island Lake it’s 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 around $16,901, or $24,168 before the federal solar tax credit of 0 is applied.
These figures are just estimates, and your own solar costs will look different based on factors unique to your home and what company you want to go with.With typical savings of about $13,000 on power bills over 20 years, many homeowners in Island Lake find installing solar panels can pay off big.
To get a free estimate from a highly rated solar installation company in Island Lake, you can 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
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Taking advantage of an installer can make your switch to solar power much easier. Companies can also offer access to quality options of the best solar panels and help you decide which one will be right for you.
If you're looking for a solar company in Island Lake, the EcoWatch team has compiled a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 considering investing in solar. There are a few primary factors that will push your cost above or below the average in Island Lake: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,760. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get 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, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Island Lake average.
Solar Financing Terms
Most solar installers in Island Lake offer solar loans, which reduce your upfront costs of installing solar.However, the interest on solar loans also adds to your total costs, so it’s crucial to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Island Lake is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, you’ll have many options for solar installers that provide a range of services for different budgets.Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $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
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: Before signing a contract with a solar company, be sure to read it through carefully 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.
- Solar Panel Brands: Different companies carry various brands and models of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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?
This is a hard question to answer precisely, 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 cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Island Lake?
Leasing solar panels can be an option if you can’t 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 bang for your buck from going solar.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $704.25 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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 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.