Solar Panel Cost Guide in Lakemoor, IL (2023 Update)
- Lakemoor Solar Installation Cost: $12,269
- 25-Year Savings: $10,343
- Payback Period: 13.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lakemoor
Find out how much it might cost to install solar panels in Lakemoor.
The average cost of a solar panel system in Lakemoor is 2.73 per watt. Using this figure, a typical 6.4-kW system would cost about $12,269 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary based on a few factors, such as how many panels you need, your energy consumption and what installation company you go with. Many homeowners find going solar is a sound investment. The average homeowner in Lakemoor can save around $13,000 on their energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lakemoor
| Year | Return on Investment |
|---|---|
| 1 years | $-11,364 |
| 3 years | $-9,555 |
| 5 years | $-7,746 |
| 7 years | $-5,937 |
| 9 years | $-4,128 |
| 11 years | $-2,319 |
| 13 years | $-511 |
| 15 years | $1,298 |
| 17 years | $3,107 |
| 19 years | $4,916 |
| 21 years | $6,725 |
| 23 years | $8,534 |
| 25 years | $10,343 |
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:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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.
Solar Equipment
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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lakemoor, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lakemoor?
This is a hard question to answer precisely, because the cost depends on a few different 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lakemoor?
Solar panels aren't free in Lakemoor, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lakemoor is currently $173,910, so you could be looking at a value of about $7,130 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lakemoor is a rewarding investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.