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

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

For Round Lake Beach energy consumers, the typical electric bill is $114.22 per month, with a usage of 601 kWh. These figures incorporate apartments and other smaller residences with lower energy consumption.

In October 2024, Round Lake Beach, IL's mean electricity rate amounts to 18.99¢ per kWh.

If you’re an average electricity consumer in Round Lake Beach you must have a 5 kW or more sized system to cover your entire electricity usage needs. Upfront, a 5 kW solar installation is around $19,700, with the federal tax credit returning 30% of your investment amount, lowering the cost to $13,790.

Are solar panels worth it in Illinois?

For those in Round Lake Beach intending to stay in their homes past the payback period of their solar system, solar panels make good sense. A 5 kW solar system in Round Lake Beach, IL could potentially save you $13,622.8 over the course of 20 years, with the break even point typically at 10 years.

The cost of not having solar panels in Round Lake Beach, IL

Without solar panels or another backup power source, you miss out on the savings highlighted previously and are entirely on your electric utility for electricity. Full reliance on your utility provider is not always ideal, as recent examples in the news have highlighted.

Each year, utility customers in Round Lake Beach have encountered an average of 0.59 outages per year. Usually, outages have an average duration of 48.99 minutes. However, during critical events like equipment failure, earthquakes or construction accidents, these times can extend dramatically.

Whether or not it includes a backup battery, a solar panel system could mitigate the effects of future power interruptions you might experience.

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

Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is lowered as the system size increases. It is often beneficial for individuals to set up a solar system that can make enough electricity to fully cover their electric bill, which results in substantial savings.

Make & Model - Similar to other products, solar panels and mounting equipment are offered in a wide variety of makes and models. The installer’s preference for system makes it essential to choose a reputable installer. Investing in superior quality makes and models can result in a much better long-term experience for the buyer.

Solar Panel Type - For valid reasons, monocrystalline panels have emerged as the standard in the industry. Although the cost is more, they yield more energy. The majority of installers use these types of panels.

Your Property - Each property and residence is unique. Issues like trees, uneven landscapes, or other impediments may add to the complexity of the installation. Using satellite images, solar installers these days can assess your home and factor in these considerations into the preliminary cost estimate.

Labor Rates - Differences in employee wages across companies lead to expenses that are borne by the consumers. Companies that invest in higher wages usually see higher reviews for their services and customer service.

Permitting & Interconnection - Your installation cost will be affected by area-specific permitting and utility interconnection fees. Good local installers will incorporate these figures into your first estimates to avoid any surprises.