Solar Panels Cost $2.7k-$13k in Lake Barrington, IL | October, 2024

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

On average, the electric bill for a Lake Barrington resident is $114.22, and they use 601 kWh each month. Apartments and compact residences with reduced energy consumption are included in this statistic.

Lake Barrington, IL's electricity rate is 18.99¢ per kWh in October 2024.

Typical electricity users in Lake Barrington may require a solar power system of 5 kW or larger to meet their entire electricity consumption needs. Installing a a 5 kW solar panel installation will cost around $19,550 before applying incentives, but with the federal income tax credit, you can get 30% back, bringing the total to $13,685.

Are solar panels worth it in Illinois?

For those expecting to remain in their homes after the solar system's payback period, adding solar panels is a obvious choice in Lake Barrington. If you install a 5 kW solar system in Lake Barrington, IL, you might save $13,727.8 over 20 years on average, with a break even point at approximately 10 years.

The cost of not having solar panels in Lake Barrington, IL

The absence of solar panels or another backup power source means missing out on the previously highlighted savings and full dependence on your electric utility for power. As recent examples in the news have shown, total dependence on your utility provider is not always ideal.

The utilities in Lake Barrington have averaged about 0.59 outages per customer per year recently. The average length of an outage is 48.99 minutes. However, during significant events such as high winds, grid management errors, or planned maintenance, this duration can grow considerably.

A solar energy system, with or without a backup battery, could help reduce the effects of any future power interruptions you might experience.

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

Your Energy Needs - Even if the initial expense is greater, the price per watt decreases with larger solar panel systems. Consumers often find that setting up a solar system that can fully cover their electric bill is extremely useful. This method leads to greater savings.

Make & Model - There are a variety of makes and models of solar panels. Because the installer you select might have specific brand preferences, choosing a reputable installer is especially important. For consumers wanting a superior long-term experience, opting for better quality models is important.

Solar Panel Type - Monocrystalline panels have earned their place as the standard in the industry, and for valid reasons. Although the cost is higher, they provide more energy. The majority of installers use these panels.

Your Property - Every home and property differs in its own way. Challenges like sloped land, trees, or other hindrances can increase the difficulty of installing solar panels. Many solar installers now are able to leverage satellite imagery to evaluate your home and incorporate these factors in the preliminary cost estimate.

Labor Rates - Employees get varying wages from different companies, and these costs are handed down to the consumers. Companies that invest in higher wages usually see higher reviews for their services and customer service.

Permitting & Interconnection - Your final installation price will be influenced by the permitting and utility interconnection fees, which vary by area. Good local installers will build these figures into your preliminary estimates to eliminate any surprises.