Solar Panel Cost Guide in Libertyville, IL (2023 Update)
- Libertyville Solar Installation Cost: $12,078
- 25-Year Savings: $10,534
- Payback Period: 13.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Libertyville
Let's have a look at the average cost of solar in Libertyville.
Although the national average of solar panels is $2.66 per watt, solar panels in Libertyville generally cost around 2.73. Using this figure, a typical 6.3-kW system would cost about $12,078 before the 30% federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you may look different based on your energy needs and what company you go with. Despite the significant initial cost, the average Libertyville homeowner can save around $14,000 on their energy bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a highly rated solar company in Libertyville, you can click the button below.
Solar savings over time in Libertyville
| 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 Libertyville
Although you can install solar panels on your own, it takes extra time and knowledge. That's one of the reasons most homeowners choose to go with a solar panel installer. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
If you're searching for a solar installer in Libertyville, the EcoWatch team has put together a list of our top suggestions here:
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 Libertyville
Factors that Affect Solar Panel Costs in Libertyville
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Libertyville: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you choose also affects the cost. In general, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Libertyville, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible. Although solar loans make switching to solar energy more accessible for Libertyville homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Libertyville, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Contract: Even though reading through a contract can be tedious, 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.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of 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 positive reviews from previous customers.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
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 Libertyville, IL Solar Cost FAQs
What is the average cost of installing solar panels in Libertyville?
This is a tough question to answer exactly, because the cost depends on a few different 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 cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to keep in mind 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 reasons for going solar. In cities 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.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Libertyville is currently $292,398, which means you could be looking at a value of about $11,988 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Libertyville is a rewarding investment.
How long do solar panels last in Libertyville?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.