Solar Panel Cost Guide in Oakwood, IL (Mar 2023)

  • Oakwood Solar Installation Cost: $12,116
  • 25-Year Savings: $12,521
  • Payback Period: 12.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated March 14, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Oakwood

See how much it might cost to make the switch to solar in Oakwood.

The average cost of solar panels in Oakwood is 2.73 per watt. The average solar panel system size in Oakwood is around 6.3 kilowatts, meaning a cost of about $12,116 for a solar installation, or $17,326 before the 30% federal solar tax credit is applied.

These figures are only estimates, and how much solar costs for you will most likely look different based on factors unique to your home and what company you go with. With average savings of about $15,000 on energy bills over 20 years, many homeowners in Oakwood find investing in solar can pay off big.

For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Oakwood

Year Return on Investment
1 years $-11,130
3 years $-9,159
5 years $-7,188
7 years $-5,218
9 years $-3,247
11 years $-1,276
13 years $695
15 years $2,666
17 years $4,637
19 years $6,608
21 years $8,579
23 years $10,550
25 years $12,521

Top Solar Installers in Oakwood

Trying to install solar panels yourself can be a difficult undertaking, which is why getting a solar installation company is a good option for many homeowners. Companies can also have access to various kinds of the best solar panels and help you pick which one will be best for your family.

Working with a vetted solar installer can make going solar easier. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Oakwood

Factors that Affect Solar Panel Costs in Oakwood

For many Oakwood homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Oakwood, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment

One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Oakwood. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional 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 significant investment. That's why many Oakwood homeowners decide to finance their solar panel systems to make paying for solar more affordable. While solar loans make adopting solar energy more accessible for Oakwood homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Oakwood, you'll have many options to choose from, but each comes at varying price points for labor and equipment. The company's size sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes 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 $2.84 $11,925 $11,392 12.8 years
8 kW $2.78 $15,594 $15,495 12.5 years
10 kW $2.73 $19,110 $19,751 12.3 years
12 kW $2.68 $22,473 $24,160 12.0 years
14 kW $2.62 $25,684 $28,722 11.8 years
16 kW $2.57 $28,741 $33,437 11.6 years
18 kW $2.51 $31,646 $38,304 11.3 years
20 kW $2.46 $34,398 $43,325 11.1 years

How to Save on Solar Panels

Since the kind of solar panels and the installer you choose greatly impacts 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:

  • Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Reputation: Long-running companies 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 service, such as part repairs and replacements.
  • Contract: Review the contract terms closely to make sure you understand the overall cost, project timeline rebates and warranties.
  • Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Oakwood, IL Solar Cost FAQs

What is the average cost of installing solar panels in Oakwood?

This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.

Are solar panels free in Oakwood?

Solar panels aren't free in Oakwood, 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 can further reduce the cost.

Is it worth going solar in Oakwood?

Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.

How often do you have to replace solar panels?

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 higher 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.

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