Solar Panel Cost Guide in Lake Zurich, IL (Nov 2022)

  • 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:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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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 $3 per watt. Because a 6.3-kW system is needed to cover the energy consumption of a typical home in Lake Zurich, the average price of going solar will be about $12,078 before claiming the federal solar tax credit of 30%.

Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more. Many homeowners find adopting solar power is a solid investment. The average homeowner in Lake Zurich can save about $14,000 on their power bills over 20 years.

To see your potential savings and connect with a local solar company, 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

Although it's possible to install solar panels on your own, it requires extra time and handiness. For that reason, the majority of homeowners choose to hire a solar panel installer. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.

You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some nearby:

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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Zurich

Factors that Affect Solar Panel Costs in Lake Zurich

While the average cost of solar panels in Lake Zurich is $12,078, your actual cost may be above or below the average. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.

Solar Equipment

When it comes to estimating the price of a solar panel system in Lake Zurich, 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 usage, which you can determine by looking at past energy bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

If paying for a solar system out of pocket is difficult, solar loans are an affordable option because they reduce your upfront costs and let you pay for your system over five to seven years on average. 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 principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.

Solar Panel Installation Company

The solar installation company you choose will influence your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 a large number of companies to choose from in Lake Zurich, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:

  • Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
  • Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
  • Contract: It's important to read through your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.

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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Zurich, IL Solar Cost FAQs

How much does it cost to install solar panels in Lake Zurich?

This is a difficult question to answer exactly, because the cost depends on many factors. Broadly 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 be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.

Is cost the most important thing to consider when buying solar panels?

The initial cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.

How much can I save on energy bills after installing solar panels?

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 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 many solar panels do I need to power my home?

To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.

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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