Solar Panel Cost Guide in South Elgin, IL (2023 Update)
- South Elgin Solar Installation Cost: $12,479
- 25-Year Savings: $11,391
- Payback Period: 13.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in South Elgin
Find out how much it might cost to install solar panels in South Elgin.
The national average cost of solar panels is $2.66 per watt, but in South Elgin it's 2.73 per watt. To cover the typical energy usage of the average home in South Elgin, most homeowners require a 6.5-kilowatt system. Using the figure above, a solar installation costs around $12,479, or $17,845 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and how much solar costs for you will vary based on your energy needs and what company you want to go with. For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in South Elgin see about $14,000 in savings on electricity bills over 20 years.
To receive a free quote from a vetted solar installer in South Elgin, you can click the button below.
Solar savings over time in South Elgin
| Year | Return on Investment |
|---|---|
| 1 years | $-11,323 |
| 3 years | $-9,011 |
| 5 years | $-6,698 |
| 7 years | $-4,386 |
| 9 years | $-2,074 |
| 11 years | $239 |
| 13 years | $2,551 |
| 15 years | $4,863 |
| 17 years | $7,176 |
| 19 years | $9,488 |
| 21 years | $11,800 |
| 23 years | $14,113 |
| 25 years | $16,425 |
Top Solar Installers in South Elgin
Many homeowners choose to hire a solar panel company since trying to put up solar panels on your own can be a lot of work. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.
If you're looking for a solar installer in South Elgin, the EcoWatch team has organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in South Elgin
Factors that Affect Solar Panel Costs in South Elgin
There are many criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,730. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 greater savings over time. Plus, if you want add-ons 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 South Elgin to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher 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
The solar installer you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies in South Elgin, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $10,007 | 13.6 years |
| 8 kW | $2.78 | $15,594 | $13,649 | 13.3 years |
| 10 kW | $2.73 | $19,110 | $17,443 | 13.1 years |
| 12 kW | $2.68 | $22,473 | $21,391 | 12.8 years |
| 14 kW | $2.62 | $25,684 | $25,491 | 12.5 years |
| 16 kW | $2.57 | $28,741 | $29,744 | 12.3 years |
| 18 kW | $2.51 | $31,646 | $34,150 | 12.0 years |
| 20 kW | $2.46 | $34,398 | $38,709 | 11.8 years |
How to Save on Solar Panels
There are a large number of companies available in South Elgin, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project timeline.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: Different companies have different brands and models of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's South Elgin, IL Solar Cost FAQs
How much does it cost to install solar panels in South Elgin?
This is a hard question to answer exactly, because the cost depends on a variety of 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 higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in South Elgin?
A solar panel system isn't free in South Elgin, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can you sell solar power back to the grid in South Elgin?
The majority of states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.