Solar Panel Cost Guide in Lakemoor, IL (2024 Update)
- Lakemoor Solar Installation Cost: $16,901
- 25-Year Savings: $10,340
- Payback Period: 18.7 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Lakemoor
Let’s take a look at the average cost of solar panels in Lakemoor.
Although the national average of solar panels is $2.66 per watt, solar panels in Lakemoor generally cost around 4.Using this figure, a typical 6.4-kW system would cost about $16,901 before the 0 federal solar tax credit is applied.
The true price you pay can go above or below the average in Lakemoor based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire.For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $13,000 in savings on utility bills over 20 years.
To get a free estimate from a highly rated solar installation company in Lakemoor, you can click the button below.
Solar savings over time in Lakemoor
Year | Return on Investment |
---|---|
1 years | $-15,745 |
3 years | $-13,433 |
5 years | $-11,120 |
7 years | $-8,808 |
9 years | $-6,496 |
11 years | $-4,183 |
13 years | $-1,871 |
15 years | $441 |
17 years | $2,754 |
19 years | $5,066 |
21 years | $7,378 |
23 years | $9,691 |
25 years | $12,003 |
Top Solar Installers in Lakemoor
Although you can install solar panels by yourself, it involves extra effort and expertise. Because of that, the majority of homeowners choose to go with a solar panel installer. Some solar installers, particularly local ones, can help you take advantage of incentives in Lakemoor, thereby optimizing your ROI.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 Lakemoor
Factors that Affect Solar Panel Costs in Lakemoor
Although the average cost of a solar system in Lakemoor is $16,901, your final cost may be above or below the average. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,760. There are several different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. 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
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Lakemoor homeowners decide to finance their solar panel systems to make paying for solar more affordable.While solar loans make switching to solar energy more accessible for Lakemoor homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Lakemoor, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and decide on the company that provides the products, warranties and services you want and also is within your budget.
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 | $4,704 | 19.4 years |
8 kW | $3.84 | $21,477 | $6,693 | 19.1 years |
10 kW | $3.76 | $26,320 | $8,892 | 18.7 years |
12 kW | $3.68 | $30,952 | $11,302 | 18.3 years |
14 kW | $3.61 | $35,374 | $13,923 | 17.9 years |
16 kW | $3.53 | $39,585 | $16,754 | 17.6 years |
18 kW | $3.46 | $43,586 | $19,796 | 17.2 years |
20 kW | $3.38 | $47,376 | $23,049 | 16.8 years |
How to Save on Solar Panels
There are numerous companies available in Lakemoor, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
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 Lakemoor, IL Solar Cost FAQs
How much does it cost to install solar panels in Lakemoor?
The average cost of solar panels in Lakemoor is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.