Solar Panel Cost Guide in Loves Park, IL (2023 Update)
- Loves Park Solar Installation Cost: $12,477
- 25-Year Savings: $11,564
- Payback Period: 13.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Loves Park
Let's take a look at the average cost of solar in Loves Park.
The national average cost of solar panels is $2.66 per watt, but in Loves Park it's 2.73 per watt. The average Loves Park homeowner needs a 6.5-kilowatt system, which would cost about $12,479 with the federal tax credit, or $17,845 before the 30% tax credit is applied.
How much you pay can go above or below the average in Loves Park based on several factors, such as the brand of solar panels you choose and the solar company you hire. Even with the high upfront cost, the average Loves Park homeowner can save about $14,000 on their energy bills over 20 years, which is one of the benefits of solar.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Loves Park
| Year | Return on Investment |
|---|---|
| 1 years | $-12,397 |
| 3 years | $-12,236 |
| 5 years | $-12,076 |
| 7 years | $-11,916 |
| 9 years | $-11,756 |
| 11 years | $-11,595 |
| 13 years | $-11,435 |
| 15 years | $-11,275 |
| 17 years | $-11,114 |
| 19 years | $-10,954 |
| 21 years | $-10,794 |
| 23 years | $-10,634 |
| 25 years | $-10,473 |
Top Solar Installers in Loves Park
Trying to install solar panels on your own can be a difficult undertaking, which is why hiring a solar installation company is a good option for many homeowners. The expertise that solar installers provide can be useful as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
If you're on the hunt for a solar installer in Loves Park, the EcoWatch team has organized 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
See all of the solar companies in Loves Park
Factors that Affect Solar Panel Costs in Loves Park
The cost of installing a solar system in Loves Park can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,730. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Loves Park, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Loves Park homeowners decide to finance their solar panel systems to offset upfront costs. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to 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 significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Loves Park, you'll have many options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Loves Park know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $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
There are numerous companies to choose from in Loves Park, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide good-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Loves Park?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using 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.