Solar Panel Cost Guide in Lake Forest, IL (2023 Update)
- Lake Forest Solar Installation Cost: $12,084
- 25-Year Savings: $10,528
- Payback Period: 13.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Forest
Find out what the average cost of a solar system is in Lake Forest.
The average cost of a solar system in Lake Forest is 2.73 per watt. To cover the typical energy usage of the average home in Lake Forest, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,078, or $17,272 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Lake Forest homeowner. The cost 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, once you've paid the initial cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lake Forest
| Year | Return on Investment |
|---|---|
| 1 years | $-12,008 |
| 3 years | $-11,858 |
| 5 years | $-11,707 |
| 7 years | $-11,556 |
| 9 years | $-11,405 |
| 11 years | $-11,255 |
| 13 years | $-11,104 |
| 15 years | $-10,953 |
| 17 years | $-10,802 |
| 19 years | $-10,652 |
| 21 years | $-10,501 |
| 23 years | $-10,350 |
| 25 years | $-10,199 |
Top Solar Installers in Lake Forest
Although it's possible to install solar panels by yourself, it takes extra labor and know-how. That's why almost all homeowners choose to go with a solar panel installer. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lake Forest
Factors that Affect Solar Panel Costs in Lake Forest
For many Lake Forest homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Lake Forest, 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 pay about $2,730 per kilowatt in Lake Forest. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lake Forest, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Lake Forest homeowners opt to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's crucial to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Lake Forest, you'll have many options to choose from, but each comes at different price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — 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 go with the company that offers the products, warranties and services you want and also is within 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 | $2.84 | $11,925 | $9,531 | 13.9 years |
| 8 kW | $2.78 | $15,594 | $13,014 | 13.6 years |
| 10 kW | $2.73 | $19,110 | $16,649 | 13.4 years |
| 12 kW | $2.68 | $22,473 | $20,438 | 13.1 years |
| 14 kW | $2.62 | $25,684 | $24,379 | 12.8 years |
| 16 kW | $2.57 | $28,741 | $28,473 | 12.6 years |
| 18 kW | $2.51 | $31,646 | $32,721 | 12.3 years |
| 20 kW | $2.46 | $34,398 | $37,121 | 12.0 years |
How to Save on Solar Panels
The company that does your system 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 installer, make sure to read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: If you're concerned about the endurance of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: The kind of solar panel you need to get plays a part in which company you should opt for, since different companies offer different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lake Forest, IL Solar Cost FAQs
How much does it cost to install solar panels in Lake Forest?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Lake Forest?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 financial benefits from going solar.
Does Lake Forest have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future utility 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?
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 buy 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.