Solar Panel Cost Guide in Lake Bluff, IL (2024 Update)

  • Lake Bluff Solar Installation Cost: $16,643
  • 25-Year Savings: $10,528
  • Payback Period: 18.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 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 Lake Bluff

Let’s take a look at the average cost of solar panels in Lake Bluff.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Bluff, the average cost of a solar system is 4 per watt.To cover the typical energy usage of the average home in Lake Bluff, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,643, or $23,799 before the federal solar tax credit of 0 is applied.

These figures are only averages, and the cost of going solar for you may differ based on the amount of energy your home requires and what company you go with.Despite the significant upfront cost, the average Lake Bluff homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the benefits of solar.

Click the button below to get connected to a top solar panel company in Lake Bluff for a personalized estimate.

Solar savings over time in Lake Bluff

Year Return on Investment
1 years $-15,487
3 years $-13,174
5 years $-10,862
7 years $-8,550
9 years $-6,237
11 years $-3,925
13 years $-1,612
15 years $700
17 years $3,012
19 years $5,325
21 years $7,637
23 years $9,949
25 years $12,262

Top Solar Installers in Lake Bluff

DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring a solar company can make your swap to solar power much easier. Another great thing about choosing a vetted solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.

If you’d like to make the switch to solar but still aren’t sure which solar panel company to go with, here are our recommendations for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
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

See all of the solar companies in Lake Bluff

Factors that Affect Solar Panel Costs in Lake Bluff

Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Lake Bluff: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.

Solar Equipment

When it comes to estimating the price of a solar panel system in Lake Bluff, 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 gauge by looking at past power bills. Your total cost can increase by around $3,760 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lake Bluff, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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

Most solar companies in Lake Bluff provide solar loans, which reduce the initial cost of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.

Solar Panel Installation Company

The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Lake Bluff, and each can charge varying amounts for labor and equipment.Additionally, some companies in Lake Bluff have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.

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 $5,032 19.1 years
8 kW $3.84 $21,477 $7,130 18.8 years
10 kW $3.76 $26,320 $9,439 18.4 years
12 kW $3.68 $30,952 $11,959 18.0 years
14 kW $3.61 $35,374 $14,689 17.7 years
16 kW $3.53 $39,585 $17,630 17.3 years
18 kW $3.46 $43,586 $20,781 16.9 years
20 kW $3.38 $47,376 $24,143 16.6 years

How to Save on Solar Panels

The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:

  • Installation Process: When making the switch to solar energy, it’s crucial to maintain an open line of communication with your solar installer. See to it that you understand how the installation process works and the project completion timeline.
  • Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
  • Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
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

EcoWatch's Lake Bluff, IL Solar Cost FAQs

How much does it cost to install solar panels in Lake Bluff?

This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-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 Lake Bluff?

Leasing solar panels can be an attractive choice, because 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.

Do solar panels increase how much your home is worth?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lake Bluff is currently $531,437, which means you could be looking at a value of about $21,789 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lake Bluff is a fruitful investment.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy consumption 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 install between 20 and 35 panels to cover 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.

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