Solar Panel Cost Guide in Palos Park, IL (2023 Update)
- Palos 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 Palos Park
We break down average solar pricing in Palos Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Palos Park, the typical cost of a solar system is 2.73 per watt. Using this figure, a typical 6.4-kW system would cost about $12,211 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Palos Park depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Palos Park see about $13,000 in savings on electricity bills over 20 years.
To get a free quote from a highly rated solar company in Palos Park, you can click the button below.
Solar savings over time in Palos Park
| Year | Return on Investment |
|---|---|
| 1 years | $-12,136 |
| 3 years | $-11,985 |
| 5 years | $-11,834 |
| 7 years | $-11,684 |
| 9 years | $-11,533 |
| 11 years | $-11,382 |
| 13 years | $-11,231 |
| 15 years | $-11,081 |
| 17 years | $-10,930 |
| 19 years | $-10,779 |
| 21 years | $-10,629 |
| 23 years | $-10,478 |
| 25 years | $-10,327 |
Top Solar Installers in Palos Park
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with a solar company can make converting to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you'd like to go solar but still aren't sure which solar system company to go with, here are our suggestions for providers in Palos Park:
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 Palos Park
Factors that Affect Solar Panel Costs in Palos Park
There are several criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production 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. There are several different solar panel brands and the one you choose also changes the cost. In general, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Palos Park to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to paying more over time because of interest. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Palos Park, and each can charge different amounts 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 find a company that provides the products, warranties and services you're looking for and also fits 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 available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: When making the switch to solar, it's crucial to keep an open line of communication with your solar company. Make sure you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: The model of solar panel you want plays a part in which company you should opt for, since different companies have access to different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Palos Park, IL Solar Cost FAQs
How much does it cost to install solar panels in Palos Park?
The average cost of solar panels in Palos 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 things like the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Palos Park is currently $382,581, which means you could be looking at a value of about $15,686 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Palos Park is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can 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 get between 20 and 35 panels to account for 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.