Solar Panel Cost Guide in Lake Holiday, IL (2023 Update)
- Lake Holiday Solar Installation Cost: $12,307
- 25-Year Savings: $10,886
- Payback Period: 13.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lake Holiday
Here's how much it might cost to go solar in Lake Holiday.
In Lake Holiday, solar panels cost about 2.73 per watt on average. Using this figure, a typical 6.4-kW system would cost about $12,307 before the 30% federal solar tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely vary based on the amount of energy your home requires and what company you go with. Despite the large upfront cost, the average Lake Holiday homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the positives of solar.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Lake Holiday
| Year | Return on Investment |
|---|---|
| 1 years | $-11,379 |
| 3 years | $-9,524 |
| 5 years | $-7,668 |
| 7 years | $-5,813 |
| 9 years | $-3,957 |
| 11 years | $-2,102 |
| 13 years | $-246 |
| 15 years | $1,609 |
| 17 years | $3,464 |
| 19 years | $5,320 |
| 21 years | $7,175 |
| 23 years | $9,031 |
| 25 years | $10,886 |
Top Solar Installers in Lake Holiday
Trying to install solar panels by yourself can be a challenging project, which is why using a solar installation company is a good option for many homeowners. The expertise that solar companies provide can be invaluable as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some in Lake Holiday:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Lake Holiday
Factors that Affect Solar Panel Costs in Lake Holiday
The cost of installing a solar system in Lake Holiday can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Lake Holiday, one of the most important 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 usage, which you can determine by looking at past power bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Lake Holiday, and each can charge varying amounts for labor and equipment. Some companies 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 go with the company that has the products, warranties and services you want 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 | $2.84 | $11,925 | $9,699 | 13.8 years |
| 8 kW | $2.78 | $15,594 | $13,238 | 13.5 years |
| 10 kW | $2.73 | $19,110 | $16,929 | 13.3 years |
| 12 kW | $2.68 | $22,473 | $20,774 | 13.0 years |
| 14 kW | $2.62 | $25,684 | $24,771 | 12.7 years |
| 16 kW | $2.57 | $28,741 | $28,921 | 12.5 years |
| 18 kW | $2.51 | $31,646 | $33,225 | 12.2 years |
| 20 kW | $2.46 | $34,398 | $37,681 | 11.9 years |
How to Save on Solar Panels
There are a large number of companies available in Lake Holiday, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- 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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lake Holiday, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lake Holiday?
The average cost of solar panels in Lake Holiday is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lake Holiday?
Leasing solar panels can be an appealing choice, because it often 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 maximize your savings.
How much can I save on electricity bills after switching to solar?
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 $720.79 per year.
How long do solar panels last in Lake Holiday?
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 their energy production will have decreased significantly after that point. You can choose 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.