Solar Panel Cost Guide in Lincolnwood, IL (2024 Update)

  • Lincolnwood Solar Installation Cost: $16,818
  • 25-Year Savings: $10,400
  • Payback Period: 18.6 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated April 21, 2024

Why you can trust EcoWatch

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 Lincolnwood

We go over average solar pricing in Lincolnwood.

In Lincolnwood, solar panels cost about 4 per watt on average.Using this figure, a typical 6.4-kW system would cost about $16,818 before the 0 federal solar 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 going solar can vary depending on several factors, such as what size system you need, your energy consumption and what solar installer you go with.But, once you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $13,000 over 20 years on utility bills.

To see your potential savings and connect with a local solar installer, click the button below.

Solar savings over time in Lincolnwood

YearReturn on Investment
1 years$-15,662
3 years$-13,350
5 years$-11,038
7 years$-8,725
9 years$-6,413
11 years$-4,100
13 years$-1,788
15 years$524
17 years$2,837
19 years$5,149
21 years$7,461
23 years$9,774
25 years$12,086

Top Solar Installers in Lincolnwood

When switching to solar energy, many homeowners opt to go with a solar company since DIY solar panel installation can be a time-consuming project. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.

You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:

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

Best Social Impact

Palmetto Solar

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Lincolnwood

Factors that Affect Solar Panel Costs in Lincolnwood

Although the average cost of a solar system in Lincolnwood is $16,818, your final cost may differ. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That’s why it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The brand and kind of equipment you get 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Lincolnwood homeowners opt to finance their solar panel systems to make going solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.

Solar Panel Installation Company

The solar installer you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Lincolnwood, and each can charge different amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have 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 sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.91$16,424$4,80819.3 years
8 kW$3.84$21,477$6,83219.0 years
10 kW$3.76$26,320$9,06618.6 years
12 kW$3.68$30,952$11,51118.2 years
14 kW$3.61$35,374$14,16617.9 years
16 kW$3.53$39,585$17,03217.5 years
18 kW$3.46$43,586$20,10917.1 years
20 kW$3.38$47,376$23,39616.7 years

How to Save on Solar Panels

There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:

  • Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
  • Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
  • Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the project timeline.

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

Best Social Impact

Palmetto Solar

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Lincolnwood, IL Solar Cost FAQs

How much does it cost to install solar panels in Lincolnwood?

This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally 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 other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, 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 Lincolnwood?

A solar panel system isn’t free in Lincolnwood, 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 can help lower the cost.

Is it worth going solar in Lincolnwood?

Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.

How many solar panels do I need to power my home?

To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.