Solar Panel Cost Guide in Elmwood Park, IL (2023 Update)
- Elmwood Park Solar Installation Cost: $12,211
- 25-Year Savings: $10,400
- Payback Period: 13.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elmwood Park
Let's have a look at the average cost of solar in Elmwood Park.
The national average cost of solar panels is $2.66 per watt, but in Elmwood Park it's 2.73 per watt. To account for the typical energy usage of the average home in Elmwood Park, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $12,211, or $17,462 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Elmwood Park homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Even with the large upfront cost, the average Elmwood Park homeowner can save about $13,000 on their power bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a highly rated solar panel company in your area for a custom estimate.
Solar savings over time in Elmwood Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,307 |
| 3 years | $-9,498 |
| 5 years | $-7,689 |
| 7 years | $-5,880 |
| 9 years | $-4,071 |
| 11 years | $-2,262 |
| 13 years | $-453 |
| 15 years | $1,356 |
| 17 years | $3,165 |
| 19 years | $4,974 |
| 21 years | $6,783 |
| 23 years | $8,592 |
| 25 years | $10,400 |
Top Solar Installers in Elmwood Park
Although you can install solar panels yourself, it takes extra labor and know-how. That's why almost all homeowners choose to go with a solar panel installer. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Elmwood Park:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Elmwood Park
Factors that Affect Solar Panel Costs in Elmwood Park
For many Elmwood Park homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Elmwood Park, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Elmwood Park homeowners choose to finance their solar panel systems to offset upfront costs. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installation company you select will influence your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Elmwood Park have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $9,307 | 14.0 years |
| 8 kW | $2.78 | $15,594 | $12,715 | 13.8 years |
| 10 kW | $2.73 | $19,110 | $16,276 | 13.5 years |
| 12 kW | $2.68 | $22,473 | $19,990 | 13.2 years |
| 14 kW | $2.62 | $25,684 | $23,856 | 13.0 years |
| 16 kW | $2.57 | $28,741 | $27,876 | 12.7 years |
| 18 kW | $2.51 | $31,646 | $32,048 | 12.4 years |
| 20 kW | $2.46 | $34,398 | $36,374 | 12.2 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose considerably influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Installation Process: Make sure you're on the same page with the company with regard to how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Elmwood Park, IL Solar Cost FAQs
How much does it cost to install solar panels in Elmwood Park?
The average cost of solar panels in Elmwood Park is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Elmwood Park?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $707.72 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.