Solar Panel Cost Guide in Lake in the Hills, IL (2024 Update)
- Lake in the Hills Solar Installation Cost: $17,168
- 25-Year Savings: $10,147
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Lake in the Hills
Let’s take a look at the average cost of solar panels in Lake in the Hills.
While the national average of solar panels is $2.66 per watt, solar panels in Lake in the Hills typically cost around 4.Since a 6.5-kW system is needed to cover the energy costs of a typical home in Lake in the Hills, the average price of going solar will be about $17,168 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of making the switch to solar can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what solar installer you go with.Many homeowners find adopting solar power is a solid investment. The average homeowner in Lake in the Hills can save around $13,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar installer in your area for a customized estimate.
Solar savings over time in Lake in the Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-16,012 |
| 3 years | $-13,700 |
| 5 years | $-11,387 |
| 7 years | $-9,075 |
| 9 years | $-6,762 |
| 11 years | $-4,450 |
| 13 years | $-2,138 |
| 15 years | $175 |
| 17 years | $2,487 |
| 19 years | $4,799 |
| 21 years | $7,112 |
| 23 years | $9,424 |
| 25 years | $11,736 |
Top Solar Installers in Lake in the Hills
Many homeowners opt for a solar panel company since trying to install solar panels on your own can be a labor-intensive endeavor. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance in the long run.
If you're on the hunt for a solar installer in Lake in the Hills, we've compiled a list of our top suggestions here:
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 in the Hills
Factors that Affect Solar Panel Costs in Lake in the Hills
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Lake in the Hills: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $3,760 per kilowatt in Lake in the Hills.The brand and type of equipment you get 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake in the Hills to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.However, the interest on solar loans also increases your all-in costs, so it’s important to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you pick will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Lake in the Hills have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $4,375 | 19.7 years |
| 8 kW | $3.84 | $21,477 | $6,255 | 19.4 years |
| 10 kW | $3.76 | $26,320 | $8,345 | 19.0 years |
| 12 kW | $3.68 | $30,952 | $10,646 | 18.6 years |
| 14 kW | $3.61 | $35,374 | $13,157 | 18.2 years |
| 16 kW | $3.53 | $39,585 | $15,879 | 17.8 years |
| 18 kW | $3.46 | $43,586 | $18,812 | 17.5 years |
| 20 kW | $3.38 | $47,376 | $21,955 | 17.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When looking over your solar installer’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.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Warranty: If you’re concerned about the longevity of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: When making the switch to solar, it’s essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the completion timeline.
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 in the Hills, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lake in the Hills?
The average cost of solar panels in Lake in the Hills is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind 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 in the Hills?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on energy bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Lake in the Hills, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Lake in the Hills?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.