Solar Panel Cost Guide in Sugar Loaf, IL (2023 Update)
- Sugar Loaf Solar Installation Cost: $11,617
- 25-Year Savings: $13,276
- Payback Period: 11.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Sugar Loaf
Find out what the average cost of solar panel installation is in Sugar Loaf.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Sugar Loaf, the average cost of a solar system is 2.73 per watt. Using this figure, a typical 6.1-kW system would cost about $11,619 before the 30% federal solar tax credit is applied.
These figures are only estimates, and your own solar costs will most likely vary based on factors unique to your home and what company you go with. For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Sugar Loaf see about $16,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Sugar Loaf
| Year | Return on Investment |
|---|---|
| 1 years | $-11,534 |
| 3 years | $-11,368 |
| 5 years | $-11,202 |
| 7 years | $-11,036 |
| 9 years | $-10,870 |
| 11 years | $-10,704 |
| 13 years | $-10,538 |
| 15 years | $-10,372 |
| 17 years | $-10,206 |
| 19 years | $-10,040 |
| 21 years | $-9,874 |
| 23 years | $-9,708 |
| 25 years | $-9,542 |
Top Solar Installers in Sugar Loaf
Installing solar panels on your own can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you choose which one will be right for your family.
If you're looking for a solar company in Sugar Loaf, we've put together 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 Sugar Loaf
Factors that Affect Solar Panel Costs in Sugar Loaf
For many Sugar Loaf homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Sugar Loaf, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. There are a lot of different solar panel brands and the one you choose also affects the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you choose 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
Many homeowners find the average cost of solar in Sugar Loaf to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Sugar Loaf, and each can charge varying amounts for labor and equipment. Additionally, some companies in Sugar Loaf are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $12,645 | 12.1 years |
| 8 kW | $2.78 | $15,594 | $17,165 | 11.9 years |
| 10 kW | $2.73 | $19,110 | $21,839 | 11.7 years |
| 12 kW | $2.68 | $22,473 | $26,665 | 11.4 years |
| 14 kW | $2.62 | $25,684 | $31,645 | 11.2 years |
| 16 kW | $2.57 | $28,741 | $36,777 | 11.0 years |
| 18 kW | $2.51 | $31,646 | $42,062 | 10.7 years |
| 20 kW | $2.46 | $34,398 | $47,500 | 10.5 years |
How to Save on Solar Panels
There are many companies available in Sugar Loaf, 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:
- Solar Panel Brands: The kind of solar panel you need to get plays a part in which company you should choose, since different companies offer different panels.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Sugar Loaf, IL Solar Cost FAQs
How much does it cost to install solar panels in Sugar Loaf?
This is a difficult 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. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Sugar Loaf?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How will installing solar panels impact my home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs 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 cover 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.