Solar Panel Cost Guide in Hanover Park, IL (2024 Update)

  • Hanover Park Solar Installation Cost: $17,005
  • 25-Year Savings: $10,265
  • Payback Period: 18.8 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Hanover Park

Let’s take a look at the average cost of solar in Hanover Park.

The average cost of solar panels in Hanover Park is 4 per watt.Since a 6.5-kW system is needed to cover the energy consumption of a typical home in Hanover Park, the average price of going solar will be about $17,005 after claiming the federal solar tax credit of 0.

Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of solar system you want to get, your solar contractor and more.With typical savings of about $13,000 on energy bills over 20 years, many homeowners in Hanover Park find installing solar panels has a decent ROI.

To get a free estimate from a pre-vetted solar installer in Hanover Park, you can click the button below.

Solar savings over time in Hanover Park

Year Return on Investment
1 years $-15,849
3 years $-13,537
5 years $-11,224
7 years $-8,912
9 years $-6,600
11 years $-4,287
13 years $-1,975
15 years $337
17 years $2,650
19 years $4,962
21 years $7,274
23 years $9,587
25 years $11,899

Top Solar Installers in Hanover Park

Although it's possible to install solar panels on your own, it involves extra energy and handiness. That's one of the reasons almost all homeowners choose a solar panel installer. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.

If you're searching for a solar installer in Hanover Park, the EcoWatch team has compiled a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in Hanover Park

Factors that Affect Solar Panel Costs in Hanover Park

The cost of installing a solar system in Hanover Park can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment

One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $3,760 per kilowatt in Hanover Park.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 can expect 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

If paying for a solar system in cash is out of reach, solar loans are a popular route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.Although solar loans make switching to solar energy more accessible for Hanover Park homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The solar installation company you select will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.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 major players.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $3.91 $16,424 $4,575 19.6 years
8 kW $3.84 $21,477 $6,521 19.2 years
10 kW $3.76 $26,320 $8,677 18.8 years
12 kW $3.68 $30,952 $11,044 18.4 years
14 kW $3.61 $35,374 $13,622 18.0 years
16 kW $3.53 $39,585 $16,410 17.7 years
18 kW $3.46 $43,586 $19,409 17.3 years
20 kW $3.38 $47,376 $22,618 16.9 years

How to Save on Solar Panels

The solar company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:

  • Contract: When looking through your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
  • Solar Panel Brands: Different companies will offer various brands and models of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
  • Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
  • Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Hanover Park, IL Solar Cost FAQs

How much does it cost to install solar panels in Hanover Park?

The average cost of solar panels in Hanover Park is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.

Are solar panels free in Hanover Park?

Solar panels aren’t free in Hanover Park, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.

How much can I save on energy bills after installing solar panels?

It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Hanover Park, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.

How long do solar panels last in Hanover Park?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.

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.

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