Solar Panel Cost Guide in River Forest, IL (Feb 2023)
- River Forest Solar Installation Cost: $12,211
- 25-Year Savings: $10,400
- Payback Period: 13.5 Years
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Top Solar Installers in River Forest
Installing solar panels on your own can be a difficult task, which is why getting a solar installer is a good option for many homeowners. A solar installer can also help save you money in the long run by providing warranties, repairs and system component replacements.
If you'd like to switch to solar energy but still aren't certain which solar panel company to go with, here are our recommendations for providers in River Forest:
See all of the solar companies in River Forest
Factors that Affect Solar Panel Costs in River Forest
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in River Forest: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
When it comes to estimating the cost of solar panels in River Forest, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in River Forest, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar system can play a part in determining how much it costs. River Forest's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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
Since the type of solar panels and the installation company you choose greatly affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
EcoWatch's River Forest, IL Solar Cost FAQs
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.