Solar Panel Cost Guide in Sugar Loaf, IL (Mar 2023)
- Sugar Loaf Solar Installation Cost: $11,619
- 25-Year Savings: $13,274
- Payback Period: 11.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Sugar Loaf
We break down average solar pricing in Sugar Loaf.
The national average cost of solar panels is $2.66 per watt, but in Sugar Loaf it's 2.73 per watt. The average Sugar Loaf homeowner needs a 6.1-kilowatt system, which would cost about $11,619 with the federal tax credit, or $16,615 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Sugar Loaf homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar panels is worth paying. On average Sugar Loaf homeowners see about $16,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Sugar Loaf
| Year | Return on Investment |
|---|---|
| 1 years | $-10,623 |
| 3 years | $-8,632 |
| 5 years | $-6,640 |
| 7 years | $-4,649 |
| 9 years | $-2,658 |
| 11 years | $-666 |
| 13 years | $1,325 |
| 15 years | $3,317 |
| 17 years | $5,308 |
| 19 years | $7,299 |
| 21 years | $9,291 |
| 23 years | $11,282 |
| 25 years | $13,274 |
Top Solar Installers in Sugar Loaf
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of an installer can make converting to solar power much easier. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you'd like to go solar but still aren't certain which solar system company to go with, here are our recommendations for providers in Sugar Loaf:
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 Sugar Loaf
Factors that Affect Solar Panel Costs in Sugar Loaf
While the average cost of a solar system in Sugar Loaf is $11,619, your final cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the price of a solar panel system in Sugar Loaf, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can determine by looking at past power bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can increase or decrease 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a solid option because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Sugar Loaf, and each can charge different amounts for labor and equipment. The company's size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 numerous companies available in Sugar Loaf, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Contract: Before signing a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by 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 (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 Sugar Loaf, IL Solar Cost FAQs
What is the average cost of installing solar panels in Sugar Loaf?
This is a hard question to answer exactly, because the cost depends on many 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 higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels eliminate my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Sugar Loaf, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Sugar Loaf?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having 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.