Solar Panel Cost Guide in Mount Prospect, IL (2024 Update)
- Mount Prospect Solar Installation Cost: $16,818
- 25-Year Savings: $10,400
- Payback Period: 18.6 Years
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Average Cost of Solar Panels in Mount Prospect
Let’s take a look at the average cost of solar panels in Mount Prospect.
The national average cost of solar panels is $2.66 per watt, but in Mount Prospect it’s 4 per watt.Using this figure, a typical 6.4-kW system would cost about $16,818 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of equipment you want, your solar contractor and more.For most homeowners, the upfront investment in solar panels is worth paying. On average Mount Prospect homeowners see about $13,000 in savings on electricity bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Mount Prospect
| Year | Return on Investment |
|---|---|
| 1 years | $-15,662 |
| 3 years | $-13,350 |
| 5 years | $-11,038 |
| 7 years | $-8,725 |
| 9 years | $-6,413 |
| 11 years | $-4,100 |
| 13 years | $-1,788 |
| 15 years | $524 |
| 17 years | $2,837 |
| 19 years | $5,149 |
| 21 years | $7,461 |
| 23 years | $9,774 |
| 25 years | $12,086 |
Top Solar Installers in Mount Prospect
When making the switch to solar, many homeowners choose to go with a solar installer since handling can be a time-consuming project. Plus, if you’re unsure what type of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some nearby:
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
See all of the solar companies in Mount Prospect
Factors that Affect Solar Panel Costs in Mount Prospect
For many Mount Prospect homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Mount Prospect, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Mount Prospect, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $3,760 for each additional kilowatt you need.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your power bills. In addition, add-on products, such as solar batteries, can bring your total well above the Mount Prospect average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Mount Prospect, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.Though solar loans make going solar more accessible for Mount Prospect homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can play a part in determining your pricing. Mount Prospect’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Mount Prospect have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $3.91 | $16,424 | $4,808 | 19.3 years |
| 8 kW | $3.84 | $21,477 | $6,832 | 19.0 years |
| 10 kW | $3.76 | $26,320 | $9,066 | 18.6 years |
| 12 kW | $3.68 | $30,952 | $11,511 | 18.2 years |
| 14 kW | $3.61 | $35,374 | $14,166 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $17,032 | 17.5 years |
| 18 kW | $3.46 | $43,586 | $20,109 | 17.1 years |
| 20 kW | $3.38 | $47,376 | $23,396 | 16.7 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Solar Panel Brands: Each solar panel brand and type has 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.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
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
EcoWatch's Mount Prospect, IL Solar Cost FAQs
How much does it cost to install solar panels in Mount Prospect?
The average cost of solar panels in Mount Prospect 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 stuff like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is it worth going solar in Mount Prospect?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Mount Prospect?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having 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.