Solar Panel Cost Guide in Park Forest, IL (2023 Update)
- Park Forest Solar Installation Cost: $12,276
- 25-Year Savings: $10,336
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Park Forest
Let's have a look at the average cost of solar in Park Forest.
Although the national average of solar panels is $2.66 per watt, solar panels in Park Forest typically cost around 2.73. Using this figure, a typical 6.4-kW system would cost about $12,269 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Park Forest based on several factors, such as the type of solar panels you choose and the solar installer you hire. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Park Forest can save around $13,000 on their energy bills over 20 years.
Click the button below to get connected to a vetted solar panel company in Park Forest for a customized quote.
Solar savings over time in Park Forest
| Year | Return on Investment |
|---|---|
| 1 years | $-12,200 |
| 3 years | $-12,050 |
| 5 years | $-11,899 |
| 7 years | $-11,748 |
| 9 years | $-11,598 |
| 11 years | $-11,447 |
| 13 years | $-11,296 |
| 15 years | $-11,145 |
| 17 years | $-10,995 |
| 19 years | $-10,844 |
| 21 years | $-10,693 |
| 23 years | $-10,542 |
| 25 years | $-10,392 |
Top Solar Installers in Park Forest
When going solar, many homeowners choose to use a solar company since overseeing your solar installation yourself can be a difficult project. The expertise that solar companies offer can be valuable as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Park Forest
Factors that Affect Solar Panel Costs in Park Forest
For many Park Forest homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Park Forest, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,730. The type of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Plus, solar equipment is more than just the solar panels themselves. You'll also need to make decisions 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 searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are available from most installers in Park Forest, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can impact your pricing. Park Forest's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $9,195 | 14.1 years |
| 8 kW | $2.78 | $15,594 | $12,566 | 13.8 years |
| 10 kW | $2.73 | $19,110 | $16,090 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,766 | 13.3 years |
| 14 kW | $2.62 | $25,684 | $23,596 | 13.0 years |
| 16 kW | $2.57 | $28,741 | $27,578 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,713 | 12.5 years |
| 20 kW | $2.46 | $34,398 | $36,001 | 12.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which type 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 offerings before deciding.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Park Forest, IL Solar Cost FAQs
What is the average cost of installing solar panels in Park Forest?
This is a tough question to answer exactly, 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Park Forest?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How will installing solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Park Forest is currently $120,471, so you can look forward to a value of about $4,939 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Park Forest is a worthwhile investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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.