Solar Panel Cost Guide in Park Ridge, IL (2024 Update)

  • Park Ridge Solar Installation Cost: $16,818
  • 25-Year Savings: $10,400
  • Payback Period: 18.6 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 20, 2024

Why you can trust EcoWatch

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 Park Ridge

We go over average solar pricing in Park Ridge.

The national average cost of solar panels is $2.66 per watt, but in Park Ridge it’s 4 per watt.The average Park Ridge homeowner needs a 6.4-kilowatt system, which would cost about $16,818 with the federal tax credit, or $24,050 before the 0 tax credit is applied.

Bear in mind that the figures above are only estimates based on the average Park Ridge homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.But, after you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $13,000 over 20 years on energy bills.

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

Solar savings over time in Park Ridge

YearReturn 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 Park Ridge

Installing solar panels by yourself can be a stressful undertaking, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers provide can be useful as well, particularly if you don’t quite know what kind of solar equipment you need.

Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:

Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Park Ridge

Factors that Affect Solar Panel Costs in Park Ridge

There are a number of factors that can influence your total 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 few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with 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 $3,760.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bump up your total well above the Park Ridge average.

Solar Financing Terms

If paying for a solar system in cash is difficult, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of loans, including the amount of 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 more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.

Solar Panel Installation Company

The solar company you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies in Park Ridge, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.

Solar Panel Cost Data by System Size

System sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.91$16,424$4,80819.3 years
8 kW$3.84$21,477$6,83219.0 years
10 kW$3.76$26,320$9,06618.6 years
12 kW$3.68$30,952$11,51118.2 years
14 kW$3.61$35,374$14,16617.9 years
16 kW$3.53$39,585$17,03217.5 years
18 kW$3.46$43,586$20,10917.1 years
20 kW$3.38$47,376$23,39616.7 years

How to Save on Solar Panels

There are numerous companies to choose from in Park Ridge, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:

  • Contract: Even though reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
  • Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
  • Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.

Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0
  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Park Ridge, IL Solar Cost FAQs

How much does it cost to install solar panels in Park Ridge?

This is a difficult question to answer precisely, because the cost depends on many factors. Generally 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Is cost the most important consideration when buying solar panels?

Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

Can you sell solar power back to the grid in Park Ridge?

Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.

How long do solar panels last in Park Ridge?

Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.

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.