Solar Panel Cost Guide in New Trier, IL (2023 Update)
- New Trier Solar Installation Cost: $12,211
- 25-Year Savings: $11,780
- Payback Period: 12.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New Trier
Find out what the average cost of solar panel installation is in New Trier.
The national average cost of solar panels is $2.66 per watt, but in New Trier it's 2.73 per watt. The average New Trier homeowner needs a 6.4-kilowatt system, which would cost about $12,211 with the federal tax credit, or $17,462 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of New Trier homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find adopting solar power is a solid investment. The average homeowner in New Trier can save around $14,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar installer in New Trier that can help you get a more accurate cost estimate for your home.
Solar savings over time in New Trier
| Year | Return on Investment |
|---|---|
| 1 years | $-11,252 |
| 3 years | $-9,332 |
| 5 years | $-7,413 |
| 7 years | $-5,494 |
| 9 years | $-3,574 |
| 11 years | $-1,655 |
| 13 years | $264 |
| 15 years | $2,183 |
| 17 years | $4,103 |
| 19 years | $6,022 |
| 21 years | $7,941 |
| 23 years | $9,861 |
| 25 years | $11,780 |
Top Solar Installers in New Trier
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make converting to solar power much easier. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
Working with a professional 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 (coming 2022)
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 New Trier
Factors that Affect Solar Panel Costs in New Trier
The cost of installing a solar system in New Trier can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in New Trier, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. The kind of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Plus, solar equipment is more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in New Trier, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in New Trier, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in New Trier know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $10,602 | 13.2 years |
| 8 kW | $2.78 | $15,594 | $14,442 | 13.0 years |
| 10 kW | $2.73 | $19,110 | $18,435 | 12.7 years |
| 12 kW | $2.68 | $22,473 | $22,580 | 12.5 years |
| 14 kW | $2.62 | $25,684 | $26,879 | 12.2 years |
| 16 kW | $2.57 | $28,741 | $31,330 | 12.0 years |
| 18 kW | $2.51 | $31,646 | $35,934 | 11.7 years |
| 20 kW | $2.46 | $34,398 | $40,692 | 11.5 years |
How to Save on Solar Panels
There are numerous companies to choose from in New Trier, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies offer different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 New Trier, IL Solar Cost FAQs
What is the average cost of installing solar panels in New Trier?
This is a hard question to answer precisely, because the cost depends on a few different 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 more efficient panels, or if you have higher-than-average energy usage. 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 New Trier?
You can't get solar panels for free in New Trier. However, you may still be able to get 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.
Is it worth going solar in New Trier?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How long do solar panels last in New Trier?
Although 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 the amount of energy they produce will have decreased significantly after that point. You can opt 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.