Solar Panel Cost Guide in Mchenry, IL (2023 Update)
- Mchenry Solar Installation Cost: $12,460
- 25-Year Savings: $10,152
- Payback Period: 13.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mchenry
Find out what the average cost of a solar system is in Mchenry.
The national average cost of solar panels is $2.66 per watt, but in Mchenry it's 2.73 per watt. To cover the typical energy usage of the average home in Mchenry, most homeowners require a 6.5-kilowatt system. Using the figure above, a solar installation costs around $12,460, or $17,818 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of equipment you choose, your solar contractor and more. Even with the large initial cost, the average Mchenry homeowner can save around $13,000 on their energy bills over 20 years, which is one of the perks of solar.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Mchenry
| Year | Return on Investment |
|---|---|
| 1 years | $-11,555 |
| 3 years | $-9,746 |
| 5 years | $-7,937 |
| 7 years | $-6,128 |
| 9 years | $-4,319 |
| 11 years | $-2,511 |
| 13 years | $-702 |
| 15 years | $1,107 |
| 17 years | $2,916 |
| 19 years | $4,725 |
| 21 years | $6,534 |
| 23 years | $8,343 |
| 25 years | $10,152 |
Top Solar Installers in Mchenry
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar panel installer can make converting to solar power much easier. Companies can also have access to various kinds of the best solar panels and help you decide which one will be right for your family.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Mchenry
Factors that Affect Solar Panel Costs in Mchenry
There are several criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of solar panels in Mchenry, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a 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 a small roof 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 add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Mchenry to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time due to 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 can only 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 getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can affect how much you pay. Mchenry's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $8,875 | 14.3 years |
| 8 kW | $2.78 | $15,594 | $12,138 | 14.1 years |
| 10 kW | $2.73 | $19,110 | $15,555 | 13.8 years |
| 12 kW | $2.68 | $22,473 | $19,125 | 13.5 years |
| 14 kW | $2.62 | $25,684 | $22,848 | 13.2 years |
| 16 kW | $2.57 | $28,741 | $26,723 | 13.0 years |
| 18 kW | $2.51 | $31,646 | $30,751 | 12.7 years |
| 20 kW | $2.46 | $34,398 | $34,933 | 12.4 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: Read the contract terms thoroughly to make sure you understand the overall cost, project completion timeline rebates and warranties.
- Reputation: Your solar installer should have a solid 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Warranty: If you're concerned about the durability of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
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 Mchenry, IL Solar Cost FAQs
How much does it cost to install solar panels in Mchenry?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally 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 extra solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Mchenry?
A solar panel system isn't free in Mchenry, 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 you can take advantage of.
Is it worth going solar in Mchenry?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
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 requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.