Solar Panel Cost Guide in Loves Park, IL (2024 Update)
- Loves Park Solar Installation Cost: $17,184
- 25-Year Savings: $11,564
- Payback Period: 17.9 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Loves Park
Here’s how much it might cost to switch to solar power in Loves Park.
The average cost of a solar panel system in Loves Park is 4 per watt.Because a 6.5-kW system is needed to cover the energy costs of a typical home in Loves Park, the average price of going solar will be about $17,184 after claiming the federal solar tax credit of 0.
How much you pay can be above or below the average in Loves Park based on several factors, such as the model of solar panels you choose and the solar company you hire.Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Loves Park can save about $14,000 on their electricity bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Loves Park
| Year | Return on Investment |
|---|---|
| 1 years | $-16,028 |
| 3 years | $-13,716 |
| 5 years | $-11,403 |
| 7 years | $-9,091 |
| 9 years | $-6,779 |
| 11 years | $-4,466 |
| 13 years | $-2,154 |
| 15 years | $159 |
| 17 years | $2,471 |
| 19 years | $4,783 |
| 21 years | $7,096 |
| 23 years | $9,408 |
| 25 years | $11,720 |
Top Solar Installers in Loves Park
Installing solar panels on your own can be a time-consuming task, which is why getting a solar installer is a good option for many homeowners. Another great thing about choosing a top solar installer is that it'll likely provide warranties and free repairs, which help protect your solar investment.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 Loves Park
Factors that Affect Solar Panel Costs in Loves Park
While the average cost of a solar system in Loves Park is $17,184, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,760.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Loves Park homeowners opt to finance their solar panel systems to make paying for solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Loves Park is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for example, there are plenty of solar installers that provide a range of services for different budgets.Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $3.91 | $16,424 | $5,669 | 18.6 years |
| 8 kW | $3.84 | $21,477 | $7,980 | 18.2 years |
| 10 kW | $3.76 | $26,320 | $10,502 | 17.9 years |
| 12 kW | $3.68 | $30,952 | $13,234 | 17.5 years |
| 14 kW | $3.61 | $35,374 | $16,176 | 17.2 years |
| 16 kW | $3.53 | $39,585 | $19,329 | 16.8 years |
| 18 kW | $3.46 | $43,586 | $22,693 | 16.4 years |
| 20 kW | $3.38 | $47,376 | $26,267 | 16.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: If you’re worried about the durability of your solar panels, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Make sure your solar system installer 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 EcoWatch.
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 Loves Park, IL Solar Cost FAQs
What is the average cost of installing solar panels in Loves Park?
The average cost of solar panels in Loves Park is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Loves Park?
Solar panels aren’t free in Loves Park, 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 can help lower the cost.
How will having solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Loves Park is currently $162,966, so you could be looking at a value of about $6,682 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Loves Park is a fruitful investment.
How long do solar panels last in Loves Park?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.