Solar Panels Cost $2.6k-$13k in Gages Lake CDP, IL | October, 2024

Electricity Costs in Gages Lake CDP, IL & What that Means for Your Solar Panel Pricing

The typical kWh usage for a Gages Lake CDP resident is 601 monthly, with an average electric bill of $114.22. It’s essential to recognize that this figure reflects the energy consumption of apartments and other smaller residences.

For October 2024, the mean electricity rate in Gages Lake CDP, IL is 18.99¢ per kWh.

The average energy user in Gages Lake CDP has to have a 5 kW or more solar setup to account for their entire power consumption needs. At this time, a 5 kW solar panel installation will set you back about $18,800at first, but thanks to the 30% federal tax credit, you receive 30% back, bringing the cost down to $13,160.

Are solar panels worth it in Illinois?

When you intend to live in your home beyond the payback period of your solar system, solar panels are an excellent choice in Gages Lake CDP. In Gages Lake CDP, IL, the installation of a 5 kW solar system can save you an average of $14,252.8 over 20 years, with an average break even point of 10 years.

The cost of not having solar panels in Gages Lake CDP, IL

Beyond forgoing the savings discussed previously, not installing solar panels or another form of backup power results in you being completely dependent on your electric utility. The media has demonstrated several cases where total dependence on your utility isn't always ideal.

In recent years, the utilities in Gages Lake CDP have had about 0.59 outages per customer each year. Outages generally last for an average of 48.99 minutes. During major occurrences like vandalism, equipment failure or thunderstorms, these times can extend significantly.

Whether a backup battery is included or not, a solar panel system could reduce the burden of potential future outages.

What impacts the cost of solar panels in Gages Lake CDP, IL?

Your Energy Needs - Even though larger solar panel systems are more expensive initially, the average price per watt lowers as the system size grows. For most consumers, installing a system that can generate enough power to reduce their entire electric bill is beneficial, providing significant savings.

Make & Model - There are a range of makes and models of solar panels. Picking an contractor with specific brand preferences means it's even more important important to go with a recommended company. The choice of high-quality models can substantially improve the long-term experience for buyers.

Solar Panel Type - Monocrystalline panels have earned their place as the industry standard, and for good reasons. Even with a higher cost, this technology produce more energy. The majority of installers choose panels constructed using this material.

Your Property - Each property and residence is unique. Issues like uneven land, trees, or other obstructions may add to the complexity of the installation. Currently, most solar installers can assess your home using satellite images and incorporate these elements for the initial cost estimate.

Labor Rates - Companies pay their employees in varying amounts, and these costs are passed down to consumers. It is typical for businesses that offer higher wages to garner better reviews for their services and customer service.

Permitting & Interconnection - Local permitting and utility level interconnection fees differ by area and will impact your final install price. Quality local installers will incorporate these figures into your first estimates to eliminate any surprises.