Solar Panel Cost Guide in Lake In The Hills, IL (Jan 2023)
- Lake In The Hills Solar Installation Cost: $12,460
- 25-Year Savings: $10,152
- Payback Period: 13.8 Years
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Top Solar Installers in Lake In The Hills
Many homeowners choose to use a solar installer since trying to install solar panels on your own can be a labor-intensive endeavor. Plus, if you aren't sure what brand of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
If you're looking for a solar installer in Lake In The Hills, the EcoWatch team has compiled a list of our top suggestions here:
See all of the solar companies in Lake In The Hills
Factors that Affect Solar Panel Costs in Lake In The Hills
While the average cost of a solar system in Lake In The Hills is $12,460, your actual cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to consider.
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Lake In The Hills average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of loans, including the amount of 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Lake In The Hills is the company you get to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services for different budgets. The company's size sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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||$8,875||14.3 years|
|8 kW||$2.78||$15,594||$12,138||14.1 years|
|10 kW||$2.73||$19,110||$15,555||13.8 years|
|12 kW||$2.68||$22,473||$19,125||13.5 years|
|14 kW||$2.62||$25,684||$22,848||13.2 years|
|16 kW||$2.57||$28,741||$26,723||13.0 years|
|18 kW||$2.51||$31,646||$30,751||12.7 years|
|20 kW||$2.46||$34,398||$34,933||12.4 years|
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
EcoWatch's Lake In The Hills, IL Solar Cost FAQs
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.