Solar Panel Cost Guide in Lakemoor, IL (2024 Update)
- Lakemoor Solar Installation Cost: $16,901
- 25-Year Savings: $10,340
- Payback Period: 18.7 Years
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Average Cost of Solar Panels in Lakemoor
Let’s take a look at the average cost of solar panels in Lakemoor.
Although the national average of solar panels is $2.66 per watt, solar panels in Lakemoor generally cost around 4.The average Lakemoor homeowner needs a 6.4-kilowatt system, which would cost about $16,901 with the federal tax credit, or $24,168 before the 0 tax credit is applied.
How much you pay can be higher or lower than the average in Lakemoor depending on a few factors, such as the type of solar panels you choose and the solar contractor you hire.Many homeowners find going solar is a solid investment. The average homeowner in Lakemoor can save about $13,000 on their electricity bills over 20 years.
To receive a free estimate from a pre-vetted solar installer in Lakemoor, you can click the button below.
Solar savings over time in Lakemoor
| Year | Return on Investment |
|---|---|
| 1 years | $-15,745 |
| 3 years | $-13,433 |
| 5 years | $-11,120 |
| 7 years | $-8,808 |
| 9 years | $-6,496 |
| 11 years | $-4,183 |
| 13 years | $-1,871 |
| 15 years | $441 |
| 17 years | $2,754 |
| 19 years | $5,066 |
| 21 years | $7,378 |
| 23 years | $9,691 |
| 25 years | $12,003 |
Top Solar Installers in Lakemoor
When switching to solar energy, many homeowners opt to hire a solar installer since DIY solar panel installation can be a difficult project. The payback period on an investment in solar panels will vary based on factors like your location and energy usage, but working with a solar company can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Lakemoor
Factors that Affect Solar Panel Costs in Lakemoor
While the average cost of a solar system in Lakemoor is $16,901, your actual cost may differ. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 Lakemoor.The brand and type of equipment you want 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lakemoor to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.You’ll have to consider the long-term cost of loans, 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 original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Lakemoor is the company you get to install your PV system. As with choosing a company to renovate your kitchen, for instance, there’s no shortage of solar installers that provide a range of services at different costs.Additionally, some companies in Lakemoor know more about local solar incentives and can help you learn about 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 end up saving you 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 | $4,704 | 19.4 years |
| 8 kW | $3.84 | $21,477 | $6,693 | 19.1 years |
| 10 kW | $3.76 | $26,320 | $8,892 | 18.7 years |
| 12 kW | $3.68 | $30,952 | $11,302 | 18.3 years |
| 14 kW | $3.61 | $35,374 | $13,923 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $16,754 | 17.6 years |
| 18 kW | $3.46 | $43,586 | $19,796 | 17.2 years |
| 20 kW | $3.38 | $47,376 | $23,049 | 16.8 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The brand of solar panel you want to get plays a part in which company you should go with, since different companies have access to different panels.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lakemoor, IL Solar Cost FAQs
How much does it cost to install solar panels in Lakemoor?
The average cost of solar panels in Lakemoor 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 things like the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is a crucial 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 take into account are the quality and durability of your solar panels.
Is it worth going solar in Lakemoor?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.