Solar Panel Cost Guide in New Lenox, IL (2023 Update)
- New Lenox Solar Installation Cost: $12,345
- 25-Year Savings: $10,267
- Payback Period: 13.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in New Lenox
Let's take a look at the average cost of solar in New Lenox.
In New Lenox, solar panels cost about 2.73 per watt on average. Using this figure, a typical 6.5-kW system would cost about $12,345 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of New Lenox homeowners. 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. But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $13,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in New Lenox
| Year | Return on Investment |
|---|---|
| 1 years | $-11,441 |
| 3 years | $-9,632 |
| 5 years | $-7,823 |
| 7 years | $-6,014 |
| 9 years | $-4,205 |
| 11 years | $-2,396 |
| 13 years | $-587 |
| 15 years | $1,222 |
| 17 years | $3,031 |
| 19 years | $4,840 |
| 21 years | $6,649 |
| 23 years | $8,458 |
| 25 years | $10,267 |
Top Solar Installers in New Lenox
Many homeowners decide to hire a solar installation company since trying to install solar panels yourself can be hard. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by offering warranties and repairs.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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 New Lenox
Factors that Affect Solar Panel Costs in New Lenox
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in New Lenox: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,730. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like New Lenox, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in New Lenox to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time because of interest. While solar loans make switching to solar energy more accessible for New Lenox homeowners, they can also add to 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout New Lenox, and each can charge different amounts for labor and equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $9,083 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,417 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $15,904 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,543 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,335 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,280 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,378 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,629 | 12.3 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 find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The model of solar panel you want to get plays a part in which installer you should go with, since different companies have access to different panels.
- Warranty: If you're concerned about the durability of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
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 New Lenox, IL Solar Cost FAQs
How much does it cost to install solar panels in New Lenox?
The average cost of solar panels in New Lenox is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as 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 New Lenox?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $700.27 per year.
How long do solar panels last in New Lenox?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce 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.