Solar Panel Cost Guide in Oak Brook, IL (2023 Update)
- Oak Brook Solar Installation Cost: $12,486
- 25-Year Savings: $10,126
- Payback Period: 13.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oak Brook
Here's how much it might cost to go solar in Oak Brook.
The average cost of a solar system in Oak Brook is 2.73 per watt. Because a 6.5-kW system is needed to cover the energy costs of a typical home in Oak Brook, the average price of going solar will be about $12,479 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary quite a bit depending on several factors, such as how many panels you need, your energy usage and what company you go with. But, after you've paid the initial cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $13,000 over 20 years on energy bills.
You can click the button below to get connected with a top solar company in Oak Brook that can help you get a more accurate cost estimate for your home.
Solar savings over time in Oak Brook
| Year | Return on Investment |
|---|---|
| 1 years | $-11,329 |
| 3 years | $-9,017 |
| 5 years | $-6,705 |
| 7 years | $-4,392 |
| 9 years | $-2,080 |
| 11 years | $232 |
| 13 years | $2,545 |
| 15 years | $4,857 |
| 17 years | $7,169 |
| 19 years | $9,482 |
| 21 years | $11,794 |
| 23 years | $14,107 |
| 25 years | $16,419 |
Top Solar Installers in Oak Brook
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using a solar panel installer can make your swap to solar power much easier. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.
If you'd like to start using solar energy but still aren't certain which solar installer to go with, here are our suggestions for providers in Oak Brook:
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 Oak Brook
Factors that Affect Solar Panel Costs in Oak Brook
The cost of installing a solar system in Oak Brook can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,730. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Oak Brook average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Oak Brook homeowners choose to finance their solar panel systems to offset upfront costs. Although solar loans make going solar more accessible for Oak Brook homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can affect your pricing. Oak Brook's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically 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 additional 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 | $8,840 | 14.4 years |
| 8 kW | $2.78 | $15,594 | $12,093 | 14.1 years |
| 10 kW | $2.73 | $19,110 | $15,498 | 13.8 years |
| 12 kW | $2.68 | $22,473 | $19,057 | 13.5 years |
| 14 kW | $2.62 | $25,684 | $22,768 | 13.3 years |
| 16 kW | $2.57 | $28,741 | $26,632 | 13.0 years |
| 18 kW | $2.51 | $31,646 | $30,649 | 12.7 years |
| 20 kW | $2.46 | $34,398 | $34,819 | 12.4 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar power, it's crucial to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the project timeline.
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of options before deciding.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Oak Brook, IL Solar Cost FAQs
How much does it cost to install solar panels in Oak Brook?
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. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Does Oak Brook have a net metering program?
Each state has some kind 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 electricity bills.
How long do solar panels last in Oak Brook?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them after having 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.