Solar Panel Cost Guide in Round Lake, IL (2024 Update)

  • Round Lake Solar Installation Cost: $16,643
  • 25-Year Savings: $12,262
  • Payback Period: 18.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Round Lake

Let’s have a look at the average cost of solar in Round Lake.

Although the national average of solar panels is $2.66 per watt, solar panels in Round Lake typically cost about 4.The average solar panel system size in Round Lake is around 6.3 kilowatts, meaning a cost of about $16,643 for a solar installation, or $23,799 before the 0 federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of solar system you choose, your solar contractor and more.For many homeowners, the upfront investment in solar panels is worth paying. On average Round Lake homeowners see about $14,000 in savings on utility bills over 20 years.

Click the button below to get connected to a reputable solar company in your area for a custom estimate.

Solar savings over time in Round Lake

Year Return on Investment
1 years $-15,487
3 years $-13,174
5 years $-10,862
7 years $-8,550
9 years $-6,237
11 years $-3,925
13 years $-1,612
15 years $700
17 years $3,012
19 years $5,325
21 years $7,637
23 years $9,949
25 years $12,262

Top Solar Installers in Round Lake

Installing solar panels yourself can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.

If you’d like to switch to solar energy but still aren’t certain which solar installer to go with, here are our suggestions for providers in Round Lake:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Round Lake

Factors that Affect Solar Panel Costs in Round Lake

The cost of installing a solar system in Round Lake can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.The type of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. 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 searching for a solar system that falls within your budget.

Solar Financing Terms

Many homeowners find the average cost of solar in Round Lake to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time due to interest.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay back the loan.

Solar Panel Installation Company

Finally, the company you choose to install your solar panels can impact the cost. Round Lake’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to 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 $3.91 $16,424 $5,032 19.1 years
8 kW $3.84 $21,477 $7,130 18.8 years
10 kW $3.76 $26,320 $9,439 18.4 years
12 kW $3.68 $30,952 $11,959 18.0 years
14 kW $3.61 $35,374 $14,689 17.7 years
16 kW $3.53 $39,585 $17,630 17.3 years
18 kW $3.46 $43,586 $20,781 16.9 years
20 kW $3.38 $47,376 $24,143 16.6 years

How to Save on Solar Panels

There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:

  • Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
  • Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
  • Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
  • Contract: When reading through your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Round Lake, IL Solar Cost FAQs

What is the average cost of installing solar panels in Round Lake?

This is a difficult question to answer precisely, because the cost depends on a few different 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. It will cost more if you want additional solar equipment or more efficient 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 expensive solar panels.

Is it better to lease or buy solar panels in Round Lake?

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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.

Can solar panels significantly reduce my energy bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Round Lake, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.

How often do you have to replace solar panels?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.

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