Solar Panel Cost Guide in Riverwoods, IL (Feb 2023)

  • Riverwoods Solar Installation Cost: $12,078
  • 25-Year Savings: $10,534
  • Payback Period: 13.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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 Riverwoods

Find out what the average cost of a solar system is in Riverwoods.

In Riverwoods, solar panels cost about $3 per watt on average. Using this figure, a typical 6.3 would cost about $12,078 before the 30% federal solar tax credit is applied.

Keep in mind that the figures above are only estimates based on the average Riverwoods 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. Many homeowners find going solar is a rewarding investment. The average homeowner in Riverwoods can save about $14,000 on their power bills over 20 years.

To see your potential ROI and connect with a local solar expert, click the button below.

Solar savings over time in Riverwoods

Year Return on Investment
1 years $-11,173
3 years $-9,364
5 years $-7,555
7 years $-5,746
9 years $-3,937
11 years $-2,128
13 years $-319
15 years $1,490
17 years $3,298
19 years $5,107
21 years $6,916
23 years $8,725
25 years $10,534

Top Solar Installers in Riverwoods

Although you can install solar panels on your own, it involves extra effort and know-how. For that reason, the majority of homeowners choose to hire a solar panel installer. Plus, if you aren't sure what type of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.

If you're on the hunt for a solar installer in Riverwoods, we've compiled a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

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 be above or below the average. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for 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 in the long run on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Riverwoods average.

Solar Financing Terms

If paying for solar panels out of pocket is out of reach, solar loans are a popular choice because they reduce your upfront costs and let you pay for your system over five to seven years on average. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Riverwoods, you'll have lots of options to choose from, but each comes at varying price points for labor and 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 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 $9,531 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 company that does your system 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:

  • Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
  • Solar Panel Brands: The kind of solar panel you need to get plays a part in which installer you should opt for, since different companies have access to different panels.
  • Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
  • Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Riverwoods, IL Solar Cost FAQs

What is the average cost of installing solar panels in Riverwoods?

The average cost of solar panels in Riverwoods is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Riverwoods?

Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 bang for your buck from going solar.

How will having solar panels impact the value of my home?

Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Riverwoods is currently $531,300, which means you can look forward to a value of about $21,783 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Riverwoods is a rewarding investment.

How long do solar panels last in Riverwoods?

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 opt to replace them after having 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.

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