Solar Panel Cost Guide in Wonder Lake, IL (2023 Update)
- Wonder Lake Solar Installation Cost: $12,460
- 25-Year Savings: $10,152
- Payback Period: 13.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Wonder Lake
We go over average solar pricing in Wonder Lake.
Although the national average of solar panels is $2.66 per watt, solar panels in Wonder Lake typically cost about 2.73. To cover the typical energy usage of the average home in Wonder Lake, most homeowners require a 6.5-kilowatt system. Using the figure above, a solar installation costs around $12,460, or $17,818 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 exact cost of installing solar panels can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what company you go with. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $13,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Wonder Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,555 |
| 3 years | $-9,746 |
| 5 years | $-7,937 |
| 7 years | $-6,128 |
| 9 years | $-4,319 |
| 11 years | $-2,511 |
| 13 years | $-702 |
| 15 years | $1,107 |
| 17 years | $2,916 |
| 19 years | $4,725 |
| 21 years | $6,534 |
| 23 years | $8,343 |
| 25 years | $10,152 |
Top Solar Installers in Wonder Lake
When going solar, many homeowners opt to go with a solar installer since overseeing your solar installation yourself can be a challenging project. Another advantage of working with a solar installer is that they can help you optimize your ROI by reducing your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you'd like to go solar but still aren't certain which solar panel installer to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Wonder Lake
Factors that Affect Solar Panel Costs in Wonder Lake
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Wonder Lake: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Wonder Lake, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Wonder Lake, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Wonder Lake homeowners choose to finance their solar panel systems to make going solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installation company you pick will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $8,875 | 14.3 years |
| 8 kW | $2.78 | $15,594 | $12,138 | 14.1 years |
| 10 kW | $2.73 | $19,110 | $15,555 | 13.8 years |
| 12 kW | $2.68 | $22,473 | $19,125 | 13.5 years |
| 14 kW | $2.62 | $25,684 | $22,848 | 13.2 years |
| 16 kW | $2.57 | $28,741 | $26,723 | 13.0 years |
| 18 kW | $2.51 | $31,646 | $30,751 | 12.7 years |
| 20 kW | $2.46 | $34,398 | $34,933 | 12.4 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Wonder Lake, IL Solar Cost FAQs
How much does it cost to install solar panels in Wonder Lake?
This is a difficult question to answer precisely, 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Wonder Lake?
A solar panel system isn't free in Wonder Lake, 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 help lower the cost.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How long do solar panels last in Wonder Lake?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.