Solar Panel Cost Guide in Schaumburg, IL (2024 Update)

  • Schaumburg Solar Installation Cost: $16,818
  • 25-Year Savings: $10,400
  • Payback Period: 18.6 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated April 21, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Schaumburg

Let’s have a look at the average cost of solar panels in Schaumburg.

In Schaumburg, solar panels cost about 4 per watt on average.To account for the typical energy usage of the average home in Schaumburg, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,818, or $24,050 before the federal solar tax credit of 0 is applied.

Bear in mind that the figures above are only estimates based on the average Schaumburg homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.With typical savings of about $13,000 on electricity bills over 20 years, many homeowners in Schaumburg find going solar has a decent ROI.

For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Schaumburg

YearReturn 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 Schaumburg

Many homeowners decide to use a solar installer since trying to install solar panels on your own can be time-consuming. Solar companies offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.

Working with a licensed solar installer can make going solar easier. Here are our recommendations:

Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0
  • 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

★★★★★
4.0
  • 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 Schaumburg

Factors that Affect Solar Panel Costs in Schaumburg

Although the average cost of a solar system in Schaumburg is $16,818, your final cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.

Solar Equipment

One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay around $3,760 per kilowatt in Schaumburg.The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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 extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Schaumburg to be too steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.

Solar Panel Installation Company

A final consideration when trying to figure out the cost of solar for your home or business in Schaumburg is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services for different budgets.Additionally, some companies in Schaumburg are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. 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 sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.91$16,424$4,80819.3 years
8 kW$3.84$21,477$6,83219.0 years
10 kW$3.76$26,320$9,06618.6 years
12 kW$3.68$30,952$11,51118.2 years
14 kW$3.61$35,374$14,16617.9 years
16 kW$3.53$39,585$17,03217.5 years
18 kW$3.46$43,586$20,10917.1 years
20 kW$3.38$47,376$23,39616.7 years

How to Save on Solar Panels

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

  • Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
  • Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
  • Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
  • Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.

Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0
  • 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

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Schaumburg, IL Solar Cost FAQs

What is the average cost of installing solar panels in Schaumburg?

This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.

Is it better to lease or buy solar panels in Schaumburg?

Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.

Does Schaumburg have a net metering program?

The majority of states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.

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 are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had 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.