Solar Panel Cost Guide in Hoffman Estates, IL (2024 Update)
- Hoffman Estates Solar Installation Cost: $17,001
- 25-Year Savings: $10,268
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Hoffman Estates
Find out what the average cost of solar panel installation is in Hoffman Estates.
While the national average of solar panels is $2.66 per watt, solar panels in Hoffman Estates typically cost around 4.To account for the typical energy needs of the average home in Hoffman Estates, most homeowners require a 6.5-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,001, or $24,311 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you choose, your solar contractor and more.But, once you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $13,000 over 20 years on electricity bills.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Hoffman Estates
| Year | Return on Investment |
|---|---|
| 1 years | $-15,845 |
| 3 years | $-13,533 |
| 5 years | $-11,220 |
| 7 years | $-8,908 |
| 9 years | $-6,595 |
| 11 years | $-4,283 |
| 13 years | $-1,971 |
| 15 years | $342 |
| 17 years | $2,654 |
| 19 years | $4,966 |
| 21 years | $7,279 |
| 23 years | $9,591 |
| 25 years | $11,903 |
Top Solar Installers in Hoffman Estates
Although it's possible to install solar panels by yourself, it takes extra energy and handiness. For that reason, most people choose to go with a solar panel installer. The expertise that solar installers provide can be valuable as well, especially if you don’t quite know what type of solar equipment you need.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
See all of the solar companies in Hoffman Estates
Factors that Affect Solar Panel Costs in Hoffman Estates
There are several factors that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,760. The brand of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, 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 looking for a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in Hoffman Estates offer solar loans, which reduce the initial cost of installing solar panels.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can affect how much you pay. Hoffman Estates’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Hoffman Estates have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $3.91 | $16,424 | $4,580 | 19.5 years |
| 8 kW | $3.84 | $21,477 | $6,527 | 19.2 years |
| 10 kW | $3.76 | $26,320 | $8,686 | 18.8 years |
| 12 kW | $3.68 | $30,952 | $11,055 | 18.4 years |
| 14 kW | $3.61 | $35,374 | $13,634 | 18.0 years |
| 16 kW | $3.53 | $39,585 | $16,424 | 17.7 years |
| 18 kW | $3.46 | $43,586 | $19,424 | 17.3 years |
| 20 kW | $3.38 | $47,376 | $22,636 | 16.9 years |
How to Save on Solar Panels
There are a large number of companies available in Hoffman Estates, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be 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 verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the gold standard in the business, and offering such a warranty is one indication of a good company.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
EcoWatch's Hoffman Estates, IL Solar Cost FAQs
What is the average cost of installing solar panels in Hoffman Estates?
The average cost of solar panels in Hoffman Estates 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 type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Hoffman Estates?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside 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 option if you want to get the most savings.
How much can I save on power bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Hoffman Estates, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Hoffman Estates?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using 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.