Solar Panel Cost Guide in Richwoods, IL (2024 Update)
- Richwoods Solar Installation Cost: $16,798
- 25-Year Savings: $7,634
- Payback Period: 21.2 Years
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Average Cost of Solar Panels in Richwoods
Find out what the average cost of a solar system is in Richwoods.
The national average cost of solar panels is $2.66 per watt, but in Richwoods it’s 4 per watt.To cover the typical energy usage of the average home in Richwoods, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,798, or $24,021 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary depending on a few factors, such as how many panels you need, your energy usage and what company you go with.But, after you've paid the initial cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $12,000 over 20 years on energy bills.
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 Richwoods
| Year | Return on Investment |
|---|---|
| 1 years | $-15,947 |
| 3 years | $-14,246 |
| 5 years | $-12,545 |
| 7 years | $-10,844 |
| 9 years | $-9,142 |
| 11 years | $-7,441 |
| 13 years | $-5,740 |
| 15 years | $-4,038 |
| 17 years | $-2,337 |
| 19 years | $-636 |
| 21 years | $1,065 |
| 23 years | $2,767 |
| 25 years | $4,468 |
Top Solar Installers in Richwoods
When going solar, many homeowners prefer to hire a solar company since putting up solar panels yourself can be a time-consuming project. Local solar installers can also help you optimize your return on investment by walking you through any local incentives and by providing warranties and repairs.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some nearby:
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Richwoods
Factors that Affect Solar Panel Costs in Richwoods
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Richwoods: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 brand and type of equipment you choose for your solar system can increase or decrease 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Richwoods homeowners decide to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s vital to include that in your estimate as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Richwoods is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for example, you’ll have many options for solar installers that offer a range of services for different budgets.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and go with the company that offers the products, warranties and services you want and also is 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 | $3.91 | $16,424 | $2,219 | 22.0 years |
| 8 kW | $3.84 | $21,477 | $3,379 | 21.6 years |
| 10 kW | $3.76 | $26,320 | $4,751 | 21.2 years |
| 12 kW | $3.68 | $30,952 | $6,332 | 20.8 years |
| 14 kW | $3.61 | $35,374 | $8,125 | 20.3 years |
| 16 kW | $3.53 | $39,585 | $10,128 | 19.9 years |
| 18 kW | $3.46 | $43,586 | $12,341 | 19.5 years |
| 20 kW | $3.38 | $47,376 | $14,765 | 19.1 years |
How to Save on Solar Panels
The solar company you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Reputation: Make sure your solar company 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.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Warranty: If you care about the durability of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Richwoods, IL Solar Cost FAQs
What is the average cost of installing solar panels in Richwoods?
The average cost of solar panels in Richwoods is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Richwoods?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How much can I save on electricity bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Richwoods, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.