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

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

Energy consumers in Round Lake usually pay $114.22 per month for electricity, consuming an typical of 601 kWh. These numbers also cover apartments and smaller dwellings with less energy demand.

Round Lake, IL's electricity rate averages 18.99¢ per kWh in October 2024.

If your household uses a typical amount of electricity in Round Lake, you will need a solar panel system of 5 kW or larger to fully account for your full energy usage needs. The price of a a 5 kW solar panel system is approximately $19,700 upfront, but the federal tax credit provides a 30% credit, bringing the price down to $13,790.

Are solar panels worth it in Illinois?

If your goal is to maintain your home well past the payback period of your solar system, solar panels are an clear choice in Round Lake. A 5 kW system in Round Lake, IL will save the average homeowner, on average, $13,622.8 over a 20 period and the average break even point is 10 years.

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

Apart from missing out on the aforementioned savings, not installing solar panels or any backup energy system leaves you totally reliant on your electric utility for power. Recent news coverage has demonstrated that full reliance on your utility company isn't always the most favorable scenario.

Every year, customers in Round Lake face approximately 0.59 outages each year. On average, each outage lasts for 48.99 minutes. Major events like heavy rain and flooding, construction accidents, or overloaded power grids can considerably extend these durations.

Whether or not a backup battery is included, a solar panel system could reduce the impact of future power outages you might encounter.

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

Your Energy Needs - While the upfront cost is larger, the price per watt declines with larger solar panel systems. Individuals often find that installing a solar system that can offset their electric bill is highly beneficial. This strategy results in increased savings.

Make & Model - As with many other products, there are different makes and models of solar panels and mounting equipment available. The brand preferences of your selected installer can make it important to pick a reputable installer. Buyers who opt for better materials generally enjoy a superior long-term experience.

Solar Panel Type - Monocrystalline panels have emerged as the industry standard, and deservedly so. Even though they are more expensive, they produce more energy. The majority of installers utilize panels constructed from this material.

Your Property - Trees, uneven land, or other obstacles can make the installation process more challenging. With the use of satellite images, many solar installers currently can evaluate your home and include these elements into the initial cost estimate.

Labor Rates - Variations in employee wages across companies cause expenses that are passed on to the consumers. Companies that invest in higher wages often see higher reviews for their services and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which differ by region, will influence your final installation cost. That said, reputable local installers will be able to build these numbers into your first quotes so there are no surprises.