Solar Panel Cost Guide in Wonder Lake, IL (2024 Update)
- Wonder Lake 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 Wonder Lake
Find out what the average cost of solar panels are in Wonder Lake.
While the national average of solar panels is $2.66 per watt, solar panels in Wonder Lake typically cost about 4.Because a 6.5-kW system is needed to cover the energy costs of a typical home in Wonder Lake, the average price of going solar will be about $17,168 after claiming the federal solar tax credit of 0.
The true cost of your system can go above or below the average in Wonder Lake depending on a few factors, such as the brand of solar panels you choose and the solar installer you hire.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $13,000 over 20 years on energy bills.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Wonder Lake
| 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 Wonder Lake
Many homeowners opt for a solar panel company since trying to install solar panels by yourself can be hard. In addition, if you’d like to maximize your investment in solar energy, using a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Wonder Lake:
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 Wonder Lake
Factors that Affect Solar Panel Costs in Wonder Lake
Even though the average cost of a solar system in Wonder Lake is $17,168, your final cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $3,760 per kilowatt in Wonder Lake.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Wonder Lake, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $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
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations 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 make sure you take a look at their list of offerings before making your decision.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
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 Wonder Lake, IL Solar Cost FAQs
How much does it cost to install solar panels in Wonder Lake?
The average cost of solar panels in Wonder Lake 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 certain factors like the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Wonder Lake?
On average, the lifespan of solar panels is 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 amount 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.