Solar Panel Cost Guide in Schaumburg, IL (Nov 2022)

  • Schaumburg Solar Installation Cost: $12,211
  • 25-Year Savings: $10,400
  • Payback Period: 13.5 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Schaumburg

We go over average solar pricing in Schaumburg.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Schaumburg, the average cost of solar panels is $3 per watt. The average Schaumburg homeowner needs a 6.4-kilowatt system, which would cost about $12,211, or $9,036 after the federal solar tax credit of 30% is applied.

The true cost of your system can be higher or lower than the average in Schaumburg based on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $13,000 over 20 years on utility bills.

Click the button below to get connected to a reputable solar company in your area for a custom estimate.

Solar savings over time in Schaumburg

Year Return on Investment
1 years $-11,307
3 years $-9,498
5 years $-7,689
7 years $-5,880
9 years $-4,071
11 years $-2,262
13 years $-453
15 years $1,356
17 years $3,165
19 years $4,974
21 years $6,783
23 years $8,592
25 years $10,400

Top Solar Installers in Schaumburg

Installing solar panels by yourself can be a difficult project, which is why getting a solar installer is a good option for many homeowners. A solar company can also help save you money over time by offering warranties, repairs and part replacements.

There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Schaumburg

Factors that Affect Solar Panel Costs in Schaumburg

There are a number of factors 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 performs the installation.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size. Solar power systems that have greater 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 $2,730. There are a lot of different solar panel brands and the one you choose also affects the cost. In general, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

If paying for a solar system in cash is difficult, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. Even though solar loans make going solar more accessible for Schaumburg homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

Lastly, the company you opt for to install your solar panels can affect the cost. Schaumburg's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Schaumburg have more knowledge about local solar incentives and can help you take advantage 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 $2.84 $11,925 $9,307 14.0 years
8 kW $2.78 $15,594 $12,715 13.8 years
10 kW $2.73 $19,110 $16,276 13.5 years
12 kW $2.68 $22,473 $19,990 13.2 years
14 kW $2.62 $25,684 $23,856 13.0 years
16 kW $2.57 $28,741 $27,876 12.7 years
18 kW $2.51 $31,646 $32,048 12.4 years
20 kW $2.46 $34,398 $36,374 12.2 years

How to Save on Solar Panels

The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:

  • Solar Panel Brands: Different companies will have different brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
  • Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
  • Contract: Though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
  • Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one sign of a quality company.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Schaumburg, IL Solar Cost FAQs

How much does it cost to install solar panels in Schaumburg?

The average cost of solar panels in Schaumburg 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 things such as the type of solar panels you want, what size system you need and how much energy you consume.

Are solar panels free in Schaumburg?

You can't get solar panels for free in Schaumburg. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.

Is going solar worth it?

Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.

How long do solar panels last in Schaumburg?

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 the amount of energy they produce will have decreased significantly after that point. You can choose to 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.

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