Solar Panel Cost Guide in South Elgin, IL (2024 Update)
- South Elgin Solar Installation Cost: $17,188
- 25-Year Savings: $11,391
- Payback Period: 18.0 Years
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Average Cost of Solar Panels in South Elgin
Find out what the average cost of a solar system is in South Elgin.
Currently, the national average cost of solar panels is $2.66 per watt. However, in South Elgin, the average cost of a solar system is 4 per watt.Using this figure, a typical 6.5-kW system would cost about $17,188 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you choose, your solar contractor and more.But, once you've paid the initial cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on electricity bills.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in South Elgin
| Year | Return on Investment |
|---|---|
| 1 years | $-16,032 |
| 3 years | $-13,719 |
| 5 years | $-11,407 |
| 7 years | $-9,094 |
| 9 years | $-6,782 |
| 11 years | $-4,470 |
| 13 years | $-2,157 |
| 15 years | $155 |
| 17 years | $2,467 |
| 19 years | $4,780 |
| 21 years | $7,092 |
| 23 years | $9,404 |
| 25 years | $11,717 |
Top Solar Installers in South Elgin
Installing solar panels by yourself can be a stressful project, which is why hiring a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance over the lifespan of your panels.
If you’d like to go solar but still aren’t sure which solar system installer to go with, here are our recommendations for providers in South Elgin:
Best National Provider
SunPower
- 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
- 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 South Elgin
Factors that Affect Solar Panel Costs in South Elgin
While the average cost of a solar system in South Elgin is $17,188, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar energy system in South Elgin, one of the most crucial 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 consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like South Elgin, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in South Elgin, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in South Elgin is the company you hire to install your PV system. As with choosing a company to build a deck or pool, for instance, you’ll have many options for solar installers that offer a range of services at different price points.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that has the products, warranties and services you’re looking for and also is within your budget.
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 | $5,508 | 18.7 years |
| 8 kW | $3.84 | $21,477 | $7,766 | 18.4 years |
| 10 kW | $3.76 | $26,320 | $10,233 | 18.0 years |
| 12 kW | $3.68 | $30,952 | $12,912 | 17.6 years |
| 14 kW | $3.61 | $35,374 | $15,801 | 17.3 years |
| 16 kW | $3.53 | $39,585 | $18,900 | 16.9 years |
| 18 kW | $3.46 | $43,586 | $22,210 | 16.6 years |
| 20 kW | $3.38 | $47,376 | $25,731 | 16.2 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though 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 options before deciding.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best National Provider
SunPower
- 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
- 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 South Elgin, IL Solar Cost FAQs
What is the average cost of installing solar panels in South Elgin?
The average cost of solar panels in South Elgin 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 type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in South Elgin?
Solar panels aren’t free in South Elgin, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does South Elgin have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
How often do you have to replace solar panels?
Though 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 their energy production will have decreased significantly after that point. You can choose 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.