Solar Panels Cost $2.7k-$13k in Elk Grove Village, IL | October, 2024

Electricity Costs in Elk Grove Village, IL & What that Means for Your Solar Panel Pricing

For people living in Elk Grove Village, the average monthly electricity consumption is 601 kWh, with bills around $114.22. Smaller dwellings, such as townhouses and condos, are also included in the figures mentioned in the prior sentence.

In October 2024, Elk Grove Village, IL's average electricity rate amounts to 18.99¢ per kWh.

If you’re an average energy consumer in Elk Grove Village, you probably will need a solar panel system sized at 5 kW or more to cover your electricity needs. Right now, a 5 kW setup will have an upfront cost of about $19,500, but the 30% tax credit lowers the cost to $13,650.

Are solar panels worth it in Illinois?

For homeowners in Elk Grove Village who intend to stay in their residence beyond the solar payback period, solar panels make an smart investment. By installing a 5 kW solar system in Elk Grove Village, IL, you can expect to save roughly $13,762.8 over 20 years, with the break even point typically being 10 years.

The cost of not having solar panels in Elk Grove Village, IL

Without solar panels or another energy backup source, you miss out on the savings highlighted earlier and are completely dependent on your electric utility for power. Total reliance on your utility is not always ideal, as several recent news reports have highlighted.

Annually, customers in Elk Grove Village face approximately 0.59 outages each year. The typical duration of each outage is 48.99 minutes. When significant events such as hurricanes, aging infrastructure, or vandalism occur, these time frames can become much longer.

Whether it comes with a backup battery or not, a solar panel system could reduce the burden of any future power interruptions you may encounter.

What impacts the cost of solar panels in Elk Grove Village, IL?

Your Energy Needs - The cost per watt declines with larger solar panel systems, even if the upfront cost is larger. For most consumers, installing a system that can produce enough power to eliminate their entire electric bill is beneficial, providing significant savings.

Make & Model - There are a variety of makes and models of solar panels. As your contractor may prefer particular brands, it's crucial to choose a highly rated company. Buyers who opt for high-quality materials usually enjoy a superior long-term experience.

Solar Panel Type - Monocrystalline panels have emerged as the standard in the industry, and for valid reasons. Although the cost is more, they yield more energy. Many installers use these kinds of panels.

Your Property - Factors like trees, uneven land, or additional hurdles may make the installation more challenging. Today, the majority of solar installers can evaluate your home with satellite images and include these considerations in the first cost estimate.

Labor Rates - The wages that companies give their employees are different, and these expenses are ultimately reflected in consumer prices. It is typical for businesses that provide higher wages to receive better reviews for their services and customer service.

Permitting & Interconnection - The fees for local permitting and utility interconnection, which vary by area, will influence the cost of your installation. Good local installers will integrate these figures into your initial estimates to avoid any surprises.