Solar Panel Cost Guide in Norwood Park, IL (2023 Update)
- Norwood Park Solar Installation Cost: $12,211
- 25-Year Savings: $10,400
- Payback Period: 13.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Norwood Park
Here's how much it might cost to go solar in Norwood Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Norwood Park, the typical cost of a solar system is 2.73 per watt. To cover the typical energy needs of the average home in Norwood Park, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,211, or $17,462 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and the cost of going solar for you may look different based on your energy needs and what company you choose to go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $13,000 over 20 years on utility bills.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Norwood Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,055 |
| 3 years | $-8,743 |
| 5 years | $-6,430 |
| 7 years | $-4,118 |
| 9 years | $-1,806 |
| 11 years | $507 |
| 13 years | $2,819 |
| 15 years | $5,131 |
| 17 years | $7,444 |
| 19 years | $9,756 |
| 21 years | $12,068 |
| 23 years | $14,381 |
| 25 years | $16,693 |
Top Solar Installers in Norwood Park
When making the switch to solar, many homeowners opt to use a solar installation company since DIY solar panel installation can be a challenging project. Companies can also offer access to a large variety of the best solar panels and help you pick which one will be best for your home.
If you're searching for a solar installer in Norwood Park, 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
See all of the solar companies in Norwood Park
Factors that Affect Solar Panel Costs in Norwood Park
The cost of installing a solar system in Norwood Park can vary by more than $10,000 from home to home. Your actual cost depends 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
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Norwood Park, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in Norwood Park, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can influence how much you pay. Norwood Park's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that offers the products, warranties and services you're looking for and also is within your budget.
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 | $9,307 | 14.0 years |
| 8 kW | $2.78 | $15,594 | $12,715 | 13.8 years |
| 10 kW | $2.73 | $19,110 | $16,276 | 13.5 years |
| 12 kW | $2.68 | $22,473 | $19,990 | 13.2 years |
| 14 kW | $2.62 | $25,684 | $23,856 | 13.0 years |
| 16 kW | $2.57 | $28,741 | $27,876 | 12.7 years |
| 18 kW | $2.51 | $31,646 | $32,048 | 12.4 years |
| 20 kW | $2.46 | $34,398 | $36,374 | 12.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Norwood Park, IL Solar Cost FAQs
How much does it cost to install solar panels in Norwood Park?
The average cost of solar panels in Norwood Park 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Norwood Park is currently $318,593, so you can expect a value of about $13,062 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Norwood Park is a worthwhile investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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 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.