Solar Panel Cost Guide in Oak Forest, IL (2024 Update)
- Oak Forest Solar Installation Cost: $16,818
- 25-Year Savings: $10,400
- Payback Period: 18.6 Years
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Average Cost of Solar Panels in Oak Forest
Let’s have a look at the average cost of solar panels in Oak Forest.
Although the national average of solar panels is $2.66 per watt, solar panels in Oak Forest typically cost about 4.Using this figure, a typical 6.4-kW system would cost about $16,818 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Oak Forest based on several factors, such as the brand of solar panels you choose and the solar contractor you hire.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Oak Forest can save around $13,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar company in Oak Forest for a customized quote.
Solar savings over time in Oak Forest
| Year | Return on Investment |
|---|---|
| 1 years | $-15,662 |
| 3 years | $-13,350 |
| 5 years | $-11,038 |
| 7 years | $-8,725 |
| 9 years | $-6,413 |
| 11 years | $-4,100 |
| 13 years | $-1,788 |
| 15 years | $524 |
| 17 years | $2,837 |
| 19 years | $5,149 |
| 21 years | $7,461 |
| 23 years | $9,774 |
| 25 years | $12,086 |
Top Solar Installers in Oak Forest
Trying to install solar panels on your own can be a challenging task, which is why using a solar installation company is a good option for many homeowners. Another good thing about choosing a top solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Oak Forest
Factors that Affect Solar Panel Costs in Oak Forest
The cost of installing a solar system in Oak Forest can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need for your home, 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 $3,760. 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. However, more efficient panels could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bring your total well above the Oak Forest average.
Solar Financing Terms
Most solar installers in Oak Forest provide solar loans, which reduce your upfront costs of installing solar panels.Although solar loans make switching to solar energy more accessible for Oak Forest homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Oak Forest is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that provide a range of services at different price points.The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $4,808 | 19.3 years |
| 8 kW | $3.84 | $21,477 | $6,832 | 19.0 years |
| 10 kW | $3.76 | $26,320 | $9,066 | 18.6 years |
| 12 kW | $3.68 | $30,952 | $11,511 | 18.2 years |
| 14 kW | $3.61 | $35,374 | $14,166 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $17,032 | 17.5 years |
| 18 kW | $3.46 | $43,586 | $20,109 | 17.1 years |
| 20 kW | $3.38 | $47,376 | $23,396 | 16.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar installer. Make sure you understand how the installation process works and the project completion timeline.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Oak Forest, IL Solar Cost FAQs
How much does it cost to install solar panels in Oak Forest?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my power 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 $707.72 per year.
How long do solar panels last in Oak Forest?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.