Solar Panel Cost Guide in Olympia Fields, IL (2023 Update)
- Olympia Fields Solar Installation Cost: $12,211
- 25-Year Savings: $10,400
- Payback Period: 13.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Olympia Fields
We go over average solar pricing in Olympia Fields.
Although the national average of solar panels is $2.66 per watt, solar panels in Olympia Fields generally cost about 2.73. The average Olympia Fields homeowner needs a 6.4-kilowatt system, which would cost about $12,211 with the federal tax credit, or $17,462 before the 30% tax credit is applied.
These figures are only averages, and how much solar costs for you will differ based on your energy needs and what company you want to go with. With average savings of about $13,000 on energy bills over 20 years, many homeowners in Olympia Fields find investing in solar can be quite rewarding.
You can click the button below to get connected with a pre-vetted solar company in Olympia Fields for a quote for your home.
Solar savings over time in Olympia Fields
| Year | Return on Investment |
|---|---|
| 1 years | $-11,307 |
| 3 years | $-9,498 |
| 5 years | $-7,689 |
| 7 years | $-5,880 |
| 9 years | $-4,071 |
| 11 years | $-2,262 |
| 13 years | $-453 |
| 15 years | $1,356 |
| 17 years | $3,165 |
| 19 years | $4,974 |
| 21 years | $6,783 |
| 23 years | $8,592 |
| 25 years | $10,400 |
Top Solar Installers in Olympia Fields
Many homeowners choose to hire a solar panel company since figuring out how to install solar panels by yourself can be time-consuming. The expertise that solar installers offer can be helpful as well, especially if you don't quite know what brand of solar equipment would be right for your home.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Olympia Fields:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Olympia Fields
Factors that Affect Solar Panel Costs in Olympia Fields
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Olympia Fields: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The model of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a solid option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Olympia Fields, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that provides the products, warranties and services you're looking for and also fit into 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 panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Solar Panel Brands: The kind of solar panel you want to install plays a part in which company you should choose, since different companies have access to different panels.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Before signing a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Olympia Fields, IL Solar Cost FAQs
What is the average cost of installing solar panels in Olympia Fields?
This is a hard question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider 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.
Does Olympia Fields have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.