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 average cost of solar panels is 4 per watt.To cover the typical energy needs of the average home in Lake Holiday, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,938, or $24,221 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average Lake Holiday homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find going solar is a sound investment. The average homeowner in Lake Holiday can save around $14,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a customized quote.
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
When switching to solar energy, many homeowners opt to use a solar installation company since putting up a solar system yourself can be a difficult project. Plus, if you’re unsure what type of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lake Holiday
Factors that Affect Solar Panel Costs in Lake Holiday
For many Lake Holiday homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Lake Holiday, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.Some solar brands — like Maxeon from SunPower — are more costly 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 more impactful. 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 too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time because of interest.However, the interest on solar loans also adds to your all-in costs, so it’s important to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Lake Holiday, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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
The solar installer you go with will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
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 prefer to own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Solar panels can be a great investment for lots 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 long do solar panels last in Lake Holiday?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can 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.