Solar Panel Cost Guide in Highwood, IL (2023 Update)
- Highwood Solar Installation Cost: $12,078
- 25-Year Savings: $10,534
- Payback Period: 13.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Highwood
Let's have a look at the average cost of solar panels in Highwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Highwood, the average cost of solar panels is 2.73 per watt. The average Highwood homeowner needs a 6.3-kilowatt system, which would cost about $12,078 with the federal tax credit, or $17,272 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what solar installer you go with. Many homeowners find installing a solar system is a solid investment. The average homeowner in Highwood can save around $14,000 on their energy bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Highwood
| Year | Return on Investment |
|---|---|
| 1 years | $-11,173 |
| 3 years | $-9,364 |
| 5 years | $-7,555 |
| 7 years | $-5,746 |
| 9 years | $-3,937 |
| 11 years | $-2,128 |
| 13 years | $-319 |
| 15 years | $1,490 |
| 17 years | $3,298 |
| 19 years | $5,107 |
| 21 years | $6,916 |
| 23 years | $8,725 |
| 25 years | $10,534 |
Top Solar Installers in Highwood
When switching to solar energy, many homeowners choose to use a solar company since overseeing your solar installation yourself can be a time-consuming project. Companies can also have access to quality options of the best solar panels and help you decide which one will be best for your family.
If you're looking for a solar company in Highwood, we've put together a list of our top suggestions here:
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 Highwood
Factors that Affect Solar Panel Costs in Highwood
There are several criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,730. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Highwood average.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid route because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you select will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $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 brand of solar panels and the installer you choose significantly affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking 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 part breaking or if the company goes out of business.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies carry various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
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 Highwood, IL Solar Cost FAQs
What is the average cost of installing solar panels in Highwood?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Highwood?
You can't get solar panels for free in Highwood. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Highwood is currently $549,767, which means you can expect a value of about $22,540 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Highwood is a fruitful investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a 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 get between 20 and 35 panels to cover 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.