Solar Panel Cost Guide in University Park, IL (2025 Update)
- University Park Solar Installation Cost: $16,907
- 25-Year Savings: $10,336
- Payback Period: 18.7 Years
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Average Cost of Solar Panels in University Park
We go over average solar pricing in University Park.
The national average cost of solar panels is $2.66 per watt, but in University Park it’s 4 per watt.Using this figure, a typical 6.4-kW system would cost about $16,907 before the 0 federal solar tax credit is applied.
How much you pay can be higher or lower than the average in University Park depending on several factors, such as the kind of solar panels you choose and the solar company you hire.For most homeowners, the upfront cost of solar power is worth paying. On average University Park homeowners see about $13,000 in savings on electricity bills over 20 years.
To receive a free quote from a top solar company in University Park, you can 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 requires extra labor and expertise. That's why most homeowners choose to go with a solar panel installer. Solar installers offer key benefits that can help you maximize 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 near you:
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 go solar comes down to 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 considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in University Park, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.The model of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in University Park to be too steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost 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 different amounts for labor and equipment.Additionally, some companies in University Park are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $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
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
- Contract: Read the contract terms closely to make sure you understand the total cost, project timeline incentives and warranties.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
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 real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in University Park?
You can’t get solar panels for free in University Park. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How long do solar panels last in University Park?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using 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.