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
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Average Cost of Solar Panels in Hanover Park
Let’s take a look at the average cost of solar in Hanover Park.
The national average cost of solar panels is $2.66 per watt, but in Hanover Park it’s 4 per watt.The average solar panel system size in Hanover Park is around 6.5 kilowatts, meaning a cost of about $17,005 for a solar installation, or $24,317 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Hanover Park homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Despite the significant initial cost, the average Hanover Park homeowner can save around $13,000 on their power bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar company in your area for a personalized quote.
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
Putting up solar panels by yourself can be a difficult project, which is why using a solar installer is a good option for many homeowners. Another good thing about choosing a top solar installer is that it'll provide warranties and free repairs, which help protect your solar system over time.
If you’d like to start using solar energy but still aren’t sure which solar system installer to go with, here are our suggestions for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,760.There are several different solar panel brands and the one you pick also changes the cost. Typically, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.It’s a good idea to add 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 installer you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Hanover Park, and each can charge varying amounts for labor and equipment.Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: When reading over your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Hanover Park, IL Solar Cost FAQs
What is the average cost of installing solar panels in Hanover Park?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Hanover Park?
Solar panels aren’t free in Hanover Park, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can solar panels eliminate my energy bills?
It is possible to eradicate 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 will have the roof space for 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 often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.