Solar Panel Cost Guide in Beach Park, IL (2023 Update)
- Beach Park Solar Installation Cost: $12,084
- 25-Year Savings: $10,528
- Payback Period: 13.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Beach Park
Let's have a look at the average cost of solar in Beach Park.
The average cost of a solar panel system in Beach Park is 2.73 per watt. Because a 6.3-kW system is needed to cover the energy consumption of a typical home in Beach Park, the average price of going solar will be about $12,078 after claiming the federal solar tax credit of 30%.
The actual price you pay can be higher or lower than the average in Beach Park based on several factors, such as the brand of solar panels you choose and the solar installer you hire. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Beach Park can save around $14,000 on their electricity bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Beach Park
| Year | Return on Investment |
|---|---|
| 1 years | $-12,008 |
| 3 years | $-11,858 |
| 5 years | $-11,707 |
| 7 years | $-11,556 |
| 9 years | $-11,405 |
| 11 years | $-11,255 |
| 13 years | $-11,104 |
| 15 years | $-10,953 |
| 17 years | $-10,802 |
| 19 years | $-10,652 |
| 21 years | $-10,501 |
| 23 years | $-10,350 |
| 25 years | $-10,199 |
Top Solar Installers in Beach Park
When switching to solar energy, many homeowners decide to go with a solar installer since putting up solar panels yourself can be a difficult project. Also, companies with a good reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our suggestions for providers in Beach Park:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Beach Park
Factors that Affect Solar Panel Costs in Beach Park
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Beach Park: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Beach Park, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Beach Park, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can influence the cost. Beach Park's solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.84 | $11,925 | $9,531 | 13.9 years |
| 8 kW | $2.78 | $15,594 | $13,014 | 13.6 years |
| 10 kW | $2.73 | $19,110 | $16,649 | 13.4 years |
| 12 kW | $2.68 | $22,473 | $20,438 | 13.1 years |
| 14 kW | $2.62 | $25,684 | $24,379 | 12.8 years |
| 16 kW | $2.57 | $28,741 | $28,473 | 12.6 years |
| 18 kW | $2.51 | $31,646 | $32,721 | 12.3 years |
| 20 kW | $2.46 | $34,398 | $37,121 | 12.0 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose considerably influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The brand of solar panel you'd like to get plays a part in which installer you should choose, since different companies provide different panels.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Before signing a contract with a solar company, make sure to look it over carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Beach Park, IL Solar Cost FAQs
What is the average cost of installing solar panels in Beach Park?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Beach Park?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Does Beach Park have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.