Solar Panel Cost Guide in University Park, IL (2023 Update)
- University Park Solar Installation Cost: $12,276
- 25-Year Savings: $10,336
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in University Park
Find out what the average cost of installing solar panels is in University Park.
The national average cost of solar panels is $2.66 per watt, but in University Park it's 2.73 per watt. Since a 6.4-kW system is needed to cover the energy needs of a typical home in University Park, the average price of going solar will be about $12,269 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average University Park homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Even with the high upfront cost, the average University Park homeowner can save about $13,000 on their energy bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a vetted solar installer in your area for a customized quote.
Solar savings over time in University Park
| Year | Return on Investment |
|---|---|
| 1 years | $-12,200 |
| 3 years | $-12,050 |
| 5 years | $-11,899 |
| 7 years | $-11,748 |
| 9 years | $-11,598 |
| 11 years | $-11,447 |
| 13 years | $-11,296 |
| 15 years | $-11,145 |
| 17 years | $-10,995 |
| 19 years | $-10,844 |
| 21 years | $-10,693 |
| 23 years | $-10,542 |
| 25 years | $-10,392 |
Top Solar Installers in University Park
Many homeowners opt for a solar panel installer since trying to install solar panels yourself can be a lot of work. The expertise that solar installers offer can be invaluable as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in University Park:
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 University Park
Factors that Affect Solar Panel Costs in University Park
There are several factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,730 per kilowatt in University Park. 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. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bring your total well above the University Park average.
Solar Financing Terms
Most solar installers in University Park offer solar loans, which reduce the initial cost of installing a solar system. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in University Park, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Companies that 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 with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you're looking for and also is 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 | $9,195 | 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
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.