Solar Panel Cost Guide in South Elgin, IL (Mar 2023)
- South Elgin Solar Installation Cost: $12,479
- 25-Year Savings: $11,392
- Payback Period: 13.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in South Elgin
We break down average solar pricing in South Elgin.
In South Elgin, solar panels cost about 2.73 per watt on average. To cover the typical energy usage of the average home in South Elgin, most homeowners require a 6.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,479, or $17,845 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary depending on multiple factors, such as what size system you need, your energy consumption and what installation company you 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 get 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 | $-11,524 |
| 3 years | $-9,614 |
| 5 years | $-7,705 |
| 7 years | $-5,795 |
| 9 years | $-3,885 |
| 11 years | $-1,976 |
| 13 years | $-66 |
| 15 years | $1,843 |
| 17 years | $3,753 |
| 19 years | $5,663 |
| 21 years | $7,572 |
| 23 years | $9,482 |
| 25 years | $11,392 |
Top Solar Installers in South Elgin
Trying to put up solar panels yourself can be a time-consuming task, which is why using a solar installation company is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- 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 South Elgin
Factors that Affect Solar Panel Costs in South Elgin
For many South Elgin homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in South Elgin, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important 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 consumes, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in South Elgin. The kind of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in South Elgin, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. Though solar loans make going solar more accessible for South Elgin homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 system can affect your pricing. South Elgin's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more 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. Picking the right company for you can be tough, so here are some tips to help you decide:
- Contract: Read the contract terms carefully to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- 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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- 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 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 few different 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Solar panels can be a beneficial 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 electricity bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.