Solar Panel Cost Guide in Winnetka, IL (2023 Update)
- Winnetka Solar Installation Cost: $12,211
- 25-Year Savings: $12,393
- Payback Period: 12.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Winnetka
We break down average solar pricing in Winnetka.
While the national average of solar panels is $2.66 per watt, solar panels in Winnetka generally cost around 2.73. The average Winnetka homeowner needs a 6.4-kilowatt system, which would cost about $12,211 with the federal tax credit, or $17,462 before the 30% 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 choose, your solar contractor and more. Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Winnetka can save around $15,000 on their power bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Winnetka
| Year | Return on Investment |
|---|---|
| 1 years | $-11,227 |
| 3 years | $-9,259 |
| 5 years | $-7,290 |
| 7 years | $-5,322 |
| 9 years | $-3,354 |
| 11 years | $-1,385 |
| 13 years | $583 |
| 15 years | $2,551 |
| 17 years | $4,520 |
| 19 years | $6,488 |
| 21 years | $8,456 |
| 23 years | $10,425 |
| 25 years | $12,393 |
Top Solar Installers in Winnetka
Putting up solar panels by yourself can be a challenging project, which is why using a solar installation company is a good option for many homeowners. The expertise that solar installers provide can be valuable as well, especially if you aren't sure what kind of solar equipment you need.
If you're searching for a solar installer in Winnetka, we've put together a list of our top suggestions here:
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 Winnetka
Factors that Affect Solar Panel Costs in Winnetka
For many Winnetka homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Winnetka, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. 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. The type of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a popular choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you choose will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Winnetka are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $11,178 | 12.9 years |
| 8 kW | $2.78 | $15,594 | $15,210 | 12.7 years |
| 10 kW | $2.73 | $19,110 | $19,394 | 12.4 years |
| 12 kW | $2.68 | $22,473 | $23,732 | 12.2 years |
| 14 kW | $2.62 | $25,684 | $28,222 | 11.9 years |
| 16 kW | $2.57 | $28,741 | $32,865 | 11.7 years |
| 18 kW | $2.51 | $31,646 | $37,662 | 11.4 years |
| 20 kW | $2.46 | $34,398 | $42,611 | 11.2 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Warranty: If you care about the longevity of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: The brand of solar panel you'd like to get plays a role in which company you should go with, since different companies offer different panels.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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 Winnetka, IL Solar Cost FAQs
What is the average cost of installing solar panels in Winnetka?
The average cost of solar panels in Winnetka is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as 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 Winnetka?
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 don't have access to many solar incentives. Also your property 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 financial benefits from going solar.
How will solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Winnetka is currently $957,900, which means you can expect a value of about $39,274 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Winnetka is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.