Solar Panel Cost Guide in Lakemoor, IL (Feb 2023)
- Lakemoor Solar Installation Cost: $12,269
- 25-Year Savings: $10,343
- Payback Period: 13.6 Years
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Top Solar Installers in Lakemoor
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Going with a solar panel installer can make swapping over to solar power much easier. Companies can also provide access to quality options of the best solar panels and help you choose which one will be best for you.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some in Lakemoor:
See all of the solar companies in Lakemoor
Factors that Affect Solar Panel Costs in Lakemoor
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Lakemoor: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
One of the most significant factors to consider when it comes to the cost of installing solar panels 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 pay about $2,730 per kilowatt in Lakemoor. The kind of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Lakemoor, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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||$9,203||14.1 years|
|8 kW||$2.78||$15,594||$12,576||13.8 years|
|10 kW||$2.73||$19,110||$16,102||13.6 years|
|12 kW||$2.68||$22,473||$19,781||13.3 years|
|14 kW||$2.62||$25,684||$23,613||13.0 years|
|16 kW||$2.57||$28,741||$27,598||12.8 years|
|18 kW||$2.51||$31,646||$31,736||12.5 years|
|20 kW||$2.46||$34,398||$36,027||12.2 years|
How to Save on Solar Panels
There are numerous companies to choose from in Lakemoor, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Contract: When reading through your solar company'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.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Different companies have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process will go and the completion timeline.
EcoWatch's Lakemoor, 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.