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 September 15, 2023
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Average Cost of Solar Panels in Winnetka
Find out what the average cost of solar panels are in Winnetka.
In Winnetka, solar panels cost about 2.73 per watt on average. To cover the typical energy needs of the average home in Winnetka, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,211, or $17,462 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of equipment you want, your solar contractor and more. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Winnetka can save about $15,000 on their energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Winnetka
| Year | Return on Investment |
|---|---|
| 1 years | $-11,055 |
| 3 years | $-8,743 |
| 5 years | $-6,430 |
| 7 years | $-4,118 |
| 9 years | $-1,806 |
| 11 years | $507 |
| 13 years | $2,819 |
| 15 years | $5,131 |
| 17 years | $7,444 |
| 19 years | $9,756 |
| 21 years | $12,068 |
| 23 years | $14,381 |
| 25 years | $16,693 |
Top Solar Installers in Winnetka
Although it's possible to install solar panels by yourself, it requires extra time and know-how. That's one of the reasons almost all homeowners choose to hire a solar panel installer. Companies can also have access to quality options of the best solar panels and help you decide which one will be best for your home.
If you're searching for a solar installer in Winnetka, we've compiled 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
See all of the solar companies in Winnetka
Factors that Affect Solar Panel Costs in Winnetka
There are a number of 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 installs your solar panels.
Solar Equipment
When it comes to estimating the price of a solar energy system in Winnetka, 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 usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. There are many different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Winnetka homeowners decide to finance their solar panel systems to make paying for solar more affordable. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor. The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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
Since the type of solar panels and the installation company you choose significantly affects your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar installers offer 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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Winnetka, IL Solar Cost FAQs
How much does it cost to install solar panels in Winnetka?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Winnetka?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 savings from going solar.
Is going solar worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.