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

  • Lake Forest Solar Installation Cost: $16,643
  • 25-Year Savings: $12,262
  • 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 Forest

We go over average solar pricing in Lake Forest.

The national average cost of solar panels is $2.66 per watt, but in Lake Forest it’s 4 per watt.Using this figure, a typical 6.3-kW system would cost about $16,643 before the 0 federal solar tax credit is applied.

The true price you pay can go above or below the average in Lake Forest depending on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire.Despite the significant initial cost, the average Lake Forest homeowner can save around $14,000 on their energy bills over 20 years, which is one of the perks of solar.

To calculate your potential savings and connect with a local solar company, click the button below.

Solar savings over time in Lake Forest

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 Forest

DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make your switch to solar power much easier. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.

If you’d like to go solar but still aren’t certain which solar system installer 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 Forest

Factors that Affect Solar Panel Costs in Lake Forest

Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Lake Forest: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.

Solar Equipment

One of the most significant 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 $3,760 per kilowatt in Lake Forest.The brand of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider 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 significant investment. That’s why many Lake Forest homeowners decide to finance their solar panel systems to make paying for solar more affordable.Though solar loans make going solar more accessible for Lake Forest homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

Lastly, the company you opt for to install your solar system can affect your pricing. Lake Forest’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average 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 $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

There are many companies to choose from in Lake Forest, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:

  • Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
  • Warranty: If you’re concerned about the longevity of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Contract: Before signing a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the project timeline.

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 Forest, IL Solar Cost FAQs

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

This is a tough question to answer precisely, because the cost depends on a variety of 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 higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.

Are solar panels free in Lake Forest?

You can’t get solar panels for free in Lake Forest. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.

Is going solar worth it?

Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.

How often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.

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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