Solar Panel Cost Guide in Lake Holiday, IL (2024 Update)
- Lake Holiday Solar Installation Cost: $16,938
- 25-Year Savings: $10,895
- Payback Period: 18.3 Years
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Average Cost of Solar Panels in Lake Holiday
Let’s take a look at the average cost of solar in Lake Holiday.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Holiday, the typical cost of a solar system is 4 per watt.Because a 6.4-kW system is needed to cover the energy usage of a typical home in Lake Holiday, the average price of going solar will be about $16,938 after claiming the federal solar tax credit of 0.
These figures are just estimates, and the cost of going solar for you may vary based on your specific situation and what company you choose to go with.With typical savings of about $14,000 on power bills over 20 years, many homeowners in Lake Holiday find going solar can pay off big.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lake Holiday
| Year | Return on Investment |
|---|---|
| 1 years | $-15,782 |
| 3 years | $-13,469 |
| 5 years | $-11,157 |
| 7 years | $-8,845 |
| 9 years | $-6,532 |
| 11 years | $-4,220 |
| 13 years | $-1,908 |
| 15 years | $405 |
| 17 years | $2,717 |
| 19 years | $5,029 |
| 21 years | $7,342 |
| 23 years | $9,654 |
| 25 years | $11,966 |
Top Solar Installers in Lake Holiday
Although you can install solar panels yourself, it requires extra labor and knowledge. For that reason, most homeowners choose a solar panel installer. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you’d like to make the switch to solar but still aren’t sure which solar panel installer to go with, here are our recommendations for providers in Lake Holiday:
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 Lake Holiday
Factors that Affect Solar Panel Costs in Lake Holiday
There are several criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
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 largely based on your home’s energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Lake Holiday, 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Holiday to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Lake Holiday, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Lake Holiday have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $5,200 | 19.0 years |
| 8 kW | $3.84 | $21,477 | $7,354 | 18.6 years |
| 10 kW | $3.76 | $26,320 | $9,719 | 18.3 years |
| 12 kW | $3.68 | $30,952 | $12,295 | 17.9 years |
| 14 kW | $3.61 | $35,374 | $15,081 | 17.5 years |
| 16 kW | $3.53 | $39,585 | $18,078 | 17.2 years |
| 18 kW | $3.46 | $43,586 | $21,285 | 16.8 years |
| 20 kW | $3.38 | $47,376 | $24,703 | 16.4 years |
How to Save on Solar Panels
There are a lot 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:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Warranty: If you’re concerned about the endurance of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: When reading through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
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 Lake Holiday, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lake Holiday?
This is a tough question to answer exactly, 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Lake Holiday?
You can’t get solar panels for free in Lake Holiday. 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 great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.