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 September 15, 2023
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Average Cost of Solar Panels in New Trier
We break down average solar pricing in New Trier.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Trier, the typical cost of solar panels is 2.73 per watt. Because a 6.4-kW system is needed to cover the energy usage of a typical home in New Trier, the average price of going solar will be about $12,211 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you want, your solar contractor and more. Even with the large initial cost, the average New Trier homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a top solar installer in your area for a custom quote.
Solar savings over time in New Trier
| Year | Return on Investment |
|---|---|
| 1 years | $-12,131 |
| 3 years | $-11,971 |
| 5 years | $-11,811 |
| 7 years | $-11,651 |
| 9 years | $-11,492 |
| 11 years | $-11,332 |
| 13 years | $-11,172 |
| 15 years | $-11,012 |
| 17 years | $-10,852 |
| 19 years | $-10,692 |
| 21 years | $-10,532 |
| 23 years | $-10,372 |
| 25 years | $-10,212 |
Top Solar Installers in New Trier
When going solar, many homeowners decide to hire a solar installer since handling can be a challenging project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in New Trier
Factors that Affect Solar Panel Costs in New Trier
For many New Trier homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in New Trier, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in New Trier, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 limited roof space or just want maximum energy production, you will be looking at 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 power bills over time, but they can also be a big investment. That's why many New Trier homeowners opt to finance their solar panel systems to offset upfront costs. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
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 in New Trier, and each can charge varying amounts for labor and equipment. Larger national companies usually 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 add-on services like electric vehicle 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 | $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
The solar installer you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Contract: Before signing a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you know you want a specific brand, make sure the solar panel company 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
EcoWatch's New Trier, IL Solar Cost FAQs
How much does it cost to install solar panels in New Trier?
The average cost of solar panels in New Trier is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in New Trier?
A solar panel system isn't free in New Trier, 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 you sell solar power back to the grid in New Trier?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
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 uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home 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.