Solar Panel Cost Guide in Algonquin, IL (2024 Update)
- Algonquin Solar Installation Cost: $17,168
- 25-Year Savings: $10,147
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Algonquin
Let’s have a look at the average cost of solar in Algonquin.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Algonquin, the average cost of solar panels is 4 per watt.The average Algonquin homeowner needs a 6.5-kilowatt system, which would cost about $17,168 with the federal tax credit, or $24,550 before the 0 tax credit is applied.
These figures are just averages, and your own solar costs will most likely differ based on factors unique to your home and what company you choose to go with.For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Algonquin see about $13,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar company in Algonquin for a custom estimate.
Solar savings over time in Algonquin
| Year | Return on Investment |
|---|---|
| 1 years | $-16,012 |
| 3 years | $-13,700 |
| 5 years | $-11,387 |
| 7 years | $-9,075 |
| 9 years | $-6,762 |
| 11 years | $-4,450 |
| 13 years | $-2,138 |
| 15 years | $175 |
| 17 years | $2,487 |
| 19 years | $4,799 |
| 21 years | $7,112 |
| 23 years | $9,424 |
| 25 years | $11,736 |
Top Solar Installers in Algonquin
Trying to put up solar panels by yourself can be a time-consuming project, which is why using a solar installation company is a good option for many homeowners. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Algonquin
Factors that Affect Solar Panel Costs in Algonquin
Even though the average cost of a solar system in Algonquin is $17,168, your actual cost may be above or below the average. There are several 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
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,760. The type of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to think 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 researching a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Algonquin, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible.Even though solar loans make going solar more accessible for Algonquin homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Algonquin, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.The company’s size can sometimes play 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 bulk 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 down 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 | $3.91 | $16,424 | $4,375 | 19.7 years |
| 8 kW | $3.84 | $21,477 | $6,255 | 19.4 years |
| 10 kW | $3.76 | $26,320 | $8,345 | 19.0 years |
| 12 kW | $3.68 | $30,952 | $10,646 | 18.6 years |
| 14 kW | $3.61 | $35,374 | $13,157 | 18.2 years |
| 16 kW | $3.53 | $39,585 | $15,879 | 17.8 years |
| 18 kW | $3.46 | $43,586 | $18,812 | 17.5 years |
| 20 kW | $3.38 | $47,376 | $21,955 | 17.1 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Algonquin, 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:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Algonquin, IL Solar Cost FAQs
How much does it cost to install solar panels in Algonquin?
The average cost of solar panels in Algonquin is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Algonquin?
Leasing solar panels can be an appealing choice, because it usually 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 way to go if you want to get the most savings.
Is it worth going solar in Algonquin?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.