Solar Panel Cost Guide in University Park, IL (2024 Update)
- University Park Solar Installation Cost: $16,907
- 25-Year Savings: $10,336
- Payback Period: 18.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in University Park
We go over average solar pricing in University Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in University Park, the typical cost of a solar system is 4 per watt.The average University Park homeowner needs a 6.4-kilowatt system, which would cost about $16,907 with the federal tax credit, or $24,177 before the 0 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 needs, the type of solar system you want to get, your solar contractor and more.Despite the significant upfront cost, the average University Park homeowner can save about $13,000 on their power bills over 20 years, which is one of the advantages of solar.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in University Park
| Year | Return on Investment |
|---|---|
| 1 years | $-15,751 |
| 3 years | $-13,439 |
| 5 years | $-11,127 |
| 7 years | $-8,814 |
| 9 years | $-6,502 |
| 11 years | $-4,189 |
| 13 years | $-1,877 |
| 15 years | $435 |
| 17 years | $2,748 |
| 19 years | $5,060 |
| 21 years | $7,372 |
| 23 years | $9,685 |
| 25 years | $11,997 |
Top Solar Installers in University Park
Although you can install solar panels yourself, it involves extra effort and handiness. For that reason, most people choose to go with a solar panel installer. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you’d like to make the switch to solar but still aren’t sure which solar panel company to go with, here are our suggestions for providers nearby:
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in University Park
Factors that Affect Solar Panel Costs in University Park
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in University Park: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like University Park, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in University Park to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time due to interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies operating in University Park, and each can charge varying amounts for labor and equipment.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 come at a higher cost. It’s best to do some research and find a company that has 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 | $3.91 | $16,424 | $4,696 | 19.4 years |
| 8 kW | $3.84 | $21,477 | $6,683 | 19.1 years |
| 10 kW | $3.76 | $26,320 | $8,880 | 18.7 years |
| 12 kW | $3.68 | $30,952 | $11,287 | 18.3 years |
| 14 kW | $3.61 | $35,374 | $13,906 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $16,734 | 17.6 years |
| 18 kW | $3.46 | $43,586 | $19,774 | 17.2 years |
| 20 kW | $3.38 | $47,376 | $23,023 | 16.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on 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 system installers that have great reviews from their customers and that have been operating for many years in most cases offer high-quality solar panel installation and expertise.
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project completion timeline.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in University Park?
Solar panels aren’t free in University Park, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is it worth going solar in University Park?
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 long do solar panels last in University Park?
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 choose to replace them once you've had 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.