Solar Panel Cost Guide in Loves Park, IL (2024 Update)
- Loves Park Solar Installation Cost: $17,184
- 25-Year Savings: $11,564
- Payback Period: 17.9 Years
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Average Cost of Solar Panels in Loves Park
Here’s how much it might cost to switch to solar power in Loves Park.
While the national average of solar panels is $2.66 per watt, solar panels in Loves Park typically cost around 4.The average Loves Park homeowner needs a 6.5-kilowatt system, which would cost about $17,184 with the federal tax credit, or $24,573 before the 0 tax credit is applied.
How much you pay can go higher or lower than the average in Loves Park depending on several factors, such as the model of solar panels you choose and the solar company you hire.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Loves Park can save about $14,000 on their power bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Loves Park
| Year | Return on Investment |
|---|---|
| 1 years | $-16,028 |
| 3 years | $-13,716 |
| 5 years | $-11,403 |
| 7 years | $-9,091 |
| 9 years | $-6,779 |
| 11 years | $-4,466 |
| 13 years | $-2,154 |
| 15 years | $159 |
| 17 years | $2,471 |
| 19 years | $4,783 |
| 21 years | $7,096 |
| 23 years | $9,408 |
| 25 years | $11,720 |
Top Solar Installers in Loves Park
When going solar, many homeowners prefer to hire a solar company since overseeing your solar installation yourself can be a time-consuming project. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
There are several licensed solar professionals that can take care of your solar installation project. 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 Loves Park
Factors that Affect Solar Panel Costs in Loves Park
There are a number of criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar energy 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 around $3,760. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Loves Park, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Loves Park homeowners opt to finance their solar panel systems to make going solar more affordable.While solar loans make switching to solar energy more accessible for Loves Park homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Loves Park is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services at different costs.Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $3.91 | $16,424 | $5,669 | 18.6 years |
| 8 kW | $3.84 | $21,477 | $7,980 | 18.2 years |
| 10 kW | $3.76 | $26,320 | $10,502 | 17.9 years |
| 12 kW | $3.68 | $30,952 | $13,234 | 17.5 years |
| 14 kW | $3.61 | $35,374 | $16,176 | 17.2 years |
| 16 kW | $3.53 | $39,585 | $19,329 | 16.8 years |
| 18 kW | $3.46 | $43,586 | $22,693 | 16.4 years |
| 20 kW | $3.38 | $47,376 | $26,267 | 16.1 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project timeline.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
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 Loves Park, IL Solar Cost FAQs
What is the average cost of installing solar panels in Loves Park?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in Loves Park?
A solar panel system isn’t free in Loves Park, 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 you can take advantage of.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Loves Park is currently $162,966, which means you could be looking at a value of about $6,682 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Loves Park is a worthwhile investment.
How long do solar panels last in Loves Park?
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.