Solar Panel Cost Guide in University Park, IL (Mar 2023)
- University Park Solar Installation Cost: $12,269
- 25-Year Savings: $10,343
- Payback Period: 13.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in University Park
Here's how much it might cost to make the switch to solar in University Park.
While the national average of solar panels is $2.66 per watt, solar panels in University Park typically cost about 2.73. The average University Park homeowner needs a 6.4-kilowatt system, which would cost about $12,269 with the federal tax credit, or $17,545 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what installation company you go with. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $13,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in University Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,364 |
| 3 years | $-9,555 |
| 5 years | $-7,746 |
| 7 years | $-5,937 |
| 9 years | $-4,128 |
| 11 years | $-2,319 |
| 13 years | $-511 |
| 15 years | $1,298 |
| 17 years | $3,107 |
| 19 years | $4,916 |
| 21 years | $6,725 |
| 23 years | $8,534 |
| 25 years | $10,343 |
Top Solar Installers in University Park
Although it's possible to install solar panels yourself, it requires extra time and handiness. Because of that, the majority of homeowners choose to hire a solar panel installer. Plus, if you aren't sure what kind of solar panels and equipment you may need, a solar company can help you find the right equipment for you after a site survey and consultation.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- 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 University Park
Factors that Affect Solar Panel Costs in University Park
For many University Park homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in University Park, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use 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 $2,730. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in University Park to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time because of interest. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in University Park, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in University Park know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $9,195 | 14.1 years |
| 8 kW | $2.78 | $15,594 | $12,566 | 13.8 years |
| 10 kW | $2.73 | $19,110 | $16,090 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,766 | 13.3 years |
| 14 kW | $2.62 | $25,684 | $23,596 | 13.0 years |
| 16 kW | $2.57 | $28,741 | $27,578 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,713 | 12.5 years |
| 20 kW | $2.46 | $34,398 | $36,001 | 12.2 years |
How to Save on Solar Panels
There are numerous companies available in University Park, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: The model of solar panel you'd like to get plays a role in which installer you should choose, since different companies have different panels.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, project timeline incentives and warranties.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- 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 University Park, IL Solar Cost FAQs
What is the average cost of installing solar panels in University Park?
The average cost of solar panels in University Park 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.
Should I lease or buy solar panels in University Park?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase the value of your home?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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 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.