Solar Panel Cost Guide in Loves Park, IL (Mar 2023)
- Loves Park Solar Installation Cost: $12,479
- 25-Year Savings: $11,562
- Payback Period: 13.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Loves Park
See how much it might cost to make the switch to solar in Loves Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Loves Park, the typical cost of a solar system is 2.73 per watt. The average solar panel system size in Loves Park is around 6.5 kilowatts, meaning a cost of about $12,479 for a solar installation, or $17,845 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Loves Park homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $14,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a reputable solar panel company in your area for a personalized quote.
Solar savings over time in Loves Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,517 |
| 3 years | $-9,594 |
| 5 years | $-7,671 |
| 7 years | $-5,747 |
| 9 years | $-3,824 |
| 11 years | $-1,901 |
| 13 years | $22 |
| 15 years | $1,946 |
| 17 years | $3,869 |
| 19 years | $5,792 |
| 21 years | $7,715 |
| 23 years | $9,639 |
| 25 years | $11,562 |
Top Solar Installers in Loves Park
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Hiring an installer can make swapping over to solar power much easier. A solar installer can also help save you money in the long run by providing warranties, repairs and part replacements.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Loves Park:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- 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 Loves Park
Factors that Affect Solar Panel Costs in Loves Park
For many Loves Park homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Loves Park, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That's why it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. There are many different solar panel brands and the one you pick also affects the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you're looking 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
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Loves Park homeowners choose to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your total costs, so it's crucial to consider that as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Loves Park, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $10,168 | 13.5 years |
| 8 kW | $2.78 | $15,594 | $13,863 | 13.2 years |
| 10 kW | $2.73 | $19,110 | $17,712 | 13.0 years |
| 12 kW | $2.68 | $22,473 | $21,712 | 12.7 years |
| 14 kW | $2.62 | $25,684 | $25,866 | 12.5 years |
| 16 kW | $2.57 | $28,741 | $30,173 | 12.2 years |
| 18 kW | $2.51 | $31,646 | $34,633 | 11.9 years |
| 20 kW | $2.46 | $34,398 | $39,245 | 11.7 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, 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: Before you sign a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: If you're worried about the endurance of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- 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 Loves Park, IL Solar Cost FAQs
How much does it cost to install solar panels in Loves Park?
The average cost of solar panels in Loves Park is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Loves Park?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will solar panels impact how much my home is worth?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a 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 install between 20 and 35 panels to cover 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.