Solar Panel Cost Guide in Riverwoods, IL (2023 Update)
- Riverwoods Solar Installation Cost: $12,084
- 25-Year Savings: $10,528
- Payback Period: 13.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Riverwoods
Let's take a look at the average cost of solar in Riverwoods.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Riverwoods, the typical cost of a solar system is 2.73 per watt. The average solar panel system size in Riverwoods is around 6.3 kilowatts, meaning a cost of about $12,078 for a solar installation, or $17,272 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of equipment you want, your solar contractor and more. Despite the large initial cost, the average Riverwoods homeowner can save about $14,000 on their energy bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a vetted solar installer in Riverwoods for a quote for your home.
Solar savings over time in Riverwoods
| Year | Return on Investment |
|---|---|
| 1 years | $-12,008 |
| 3 years | $-11,858 |
| 5 years | $-11,707 |
| 7 years | $-11,556 |
| 9 years | $-11,405 |
| 11 years | $-11,255 |
| 13 years | $-11,104 |
| 15 years | $-10,953 |
| 17 years | $-10,802 |
| 19 years | $-10,652 |
| 21 years | $-10,501 |
| 23 years | $-10,350 |
| 25 years | $-10,199 |
Top Solar Installers in Riverwoods
When going solar, many homeowners decide to hire a solar installation company since installing a solar system yourself can be a difficult project. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a vetted solar installer can help you make the most of your investment in solar. 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 Riverwoods
Factors that Affect Solar Panel Costs in Riverwoods
Though the average cost of a solar system in Riverwoods is $12,078, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant 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 energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Riverwoods. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Riverwoods, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installation company you choose will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that offers the products, warranties and services you want and also fits 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 | $2.84 | $11,925 | $9,531 | 13.9 years |
| 8 kW | $2.78 | $15,594 | $13,014 | 13.6 years |
| 10 kW | $2.73 | $19,110 | $16,649 | 13.4 years |
| 12 kW | $2.68 | $22,473 | $20,438 | 13.1 years |
| 14 kW | $2.62 | $25,684 | $24,379 | 12.8 years |
| 16 kW | $2.57 | $28,741 | $28,473 | 12.6 years |
| 18 kW | $2.51 | $31,646 | $32,721 | 12.3 years |
| 20 kW | $2.46 | $34,398 | $37,121 | 12.0 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Reputation: Make sure your solar panel installer 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.
- Solar Panel Brands: The model of solar panel you need to install plays a role in which installer you should go with, since different companies have access to different panels.
- Contract: Before signing a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Riverwoods, IL Solar Cost FAQs
What is the average cost of installing solar panels in Riverwoods?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is it worth going solar in Riverwoods?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.