Solar Panel Cost Guide in Richwoods, IL (2023 Update)
- Richwoods Solar Installation Cost: $12,197
- 25-Year Savings: $7,634
- Payback Period: 15.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richwoods
We break down average solar pricing in Richwoods.
In Richwoods, solar panels cost about 2.73 per watt on average. To cover the typical energy needs of the average home in Richwoods, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs around $12,192, or $17,435 before the federal solar tax credit of 30% is applied.
The true cost of your system can be higher or lower than the average in Richwoods depending on a few factors, such as the type of solar panels you choose and the solar installer you hire. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $12,000 in savings on energy bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Richwoods
| Year | Return on Investment |
|---|---|
| 1 years | $-11,346 |
| 3 years | $-9,645 |
| 5 years | $-7,943 |
| 7 years | $-6,242 |
| 9 years | $-4,541 |
| 11 years | $-2,839 |
| 13 years | $-1,138 |
| 15 years | $563 |
| 17 years | $2,264 |
| 19 years | $3,966 |
| 21 years | $5,667 |
| 23 years | $7,368 |
| 25 years | $9,070 |
Top Solar Installers in Richwoods
Although you can install solar panels on your own, it requires extra effort and know-how. For that reason, almost all homeowners choose a solar panel installer. The expertise that solar installers offer can be useful as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Richwoods
Factors that Affect Solar Panel Costs in Richwoods
The cost of installing a solar system in Richwoods can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $2,730 per kilowatt in Richwoods. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Richwoods average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a popular choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your total costs, so it's vital to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you hire to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies in Richwoods, and each can charge varying amounts for labor and equipment. Additionally, some companies in Richwoods are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $6,718 | 16.0 years |
| 8 kW | $2.78 | $15,594 | $9,263 | 15.7 years |
| 10 kW | $2.73 | $19,110 | $11,961 | 15.4 years |
| 12 kW | $2.68 | $22,473 | $14,811 | 15.1 years |
| 14 kW | $2.62 | $25,684 | $17,815 | 14.8 years |
| 16 kW | $2.57 | $28,741 | $20,972 | 14.5 years |
| 18 kW | $2.51 | $31,646 | $24,281 | 14.1 years |
| 20 kW | $2.46 | $34,398 | $27,743 | 13.8 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 a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Contract: Look through the contract terms closely to make sure you understand the overall cost, completion timeline incentives and warranties.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Richwoods, IL Solar Cost FAQs
What is the average cost of installing solar panels in Richwoods?
This is a difficult question to answer precisely, because the cost depends on many 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. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Richwoods?
A solar panel system isn't free in Richwoods, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Richwoods?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.