Solar Panel Cost Guide in Lake Zurich, IL (2023 Update)

  • Lake Zurich Solar Installation Cost: $12,078
  • 25-Year Savings: $10,534
  • Payback Period: 13.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 04, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lake Zurich

Let's have a look at the average cost of solar panels in Lake Zurich.

The national average cost of solar panels is $2.66 per watt, but in Lake Zurich it's 2.73 per watt. The average solar panel system size in Lake Zurich is around 6.3 kilowatts, meaning a cost of about $12,078 for a solar installation, or $17,272 before the 30% federal solar tax credit is applied.

These figures are just estimates, and how much solar costs for you may differ based on your specific situation and what company you go with. But, after you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on energy bills.

For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Lake Zurich

Year Return on Investment
1 years $-11,173
3 years $-9,364
5 years $-7,555
7 years $-5,746
9 years $-3,937
11 years $-2,128
13 years $-319
15 years $1,490
17 years $3,298
19 years $5,107
21 years $6,916
23 years $8,725
25 years $10,534

Top Solar Installers in Lake Zurich

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make your switch to solar power much easier. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.

If you're on the hunt for a solar installer in Lake Zurich, the EcoWatch team has compiled a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

See all of the solar companies in Lake Zurich

Factors that Affect Solar Panel Costs in Lake Zurich

There are many criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation 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 type of solar equipment you choose can increase or decrease your cost 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. However, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Lake Zurich average.

Solar Financing Terms

For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Lake Zurich, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. Although solar loans make switching to solar energy more accessible for Lake Zurich homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The remaining significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Lake Zurich, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.

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 $9,531 13.9 years
8 kW $2.78 $15,594 $13,014 13.6 years
10 kW $2.73 $19,110 $16,649 13.4 years
12 kW $2.68 $22,473 $20,438 13.1 years
14 kW $2.62 $25,684 $24,379 12.8 years
16 kW $2.57 $28,741 $28,473 12.6 years
18 kW $2.51 $31,646 $32,721 12.3 years
20 kW $2.46 $34,398 $37,121 12.0 years

How to Save on Solar Panels

There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Different companies offer various brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
  • Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
  • Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Warranty Coverage

Sunpro Solar

★★★★★
4.0

  • Industry-leading warranty coverage
  • Expansive service area
  • Some reported communication issues
  • No leases or PPAs

EcoWatch's Lake Zurich, IL Solar Cost FAQs

What is the average cost of installing solar panels in Lake Zurich?

This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 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 above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.

Should I lease or buy solar panels in Lake Zurich?

Leasing solar panels can be an attractive choice, as it commonly 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 get the most savings.

Can solar panels significantly reduce my electricity bills?

It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Lake Zurich, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.

How long do solar panels last in Lake Zurich?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having 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.

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