Solar Panel Cost Guide in Wood Dale, IL (2024 Update)
- Wood Dale Solar Installation Cost: $17,196
- 25-Year Savings: $10,126
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Wood Dale
We break down average solar pricing in Wood Dale.
In Wood Dale, solar panels cost about 4 per watt on average.The average Wood Dale homeowner needs a 6.5-kilowatt system, which would cost about $17,196 with the federal tax credit, or $24,590 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy consumption, the type of solar panels you choose, your solar contractor and more.With average savings of about $13,000 on power bills over 20 years, many homeowners in Wood Dale find investing in solar has a decent ROI.
Click the button below to get connected to a top solar installer in your area for a customized estimate.
Solar savings over time in Wood Dale
| Year | Return on Investment |
|---|---|
| 1 years | $-16,040 |
| 3 years | $-13,728 |
| 5 years | $-11,415 |
| 7 years | $-9,103 |
| 9 years | $-6,791 |
| 11 years | $-4,478 |
| 13 years | $-2,166 |
| 15 years | $146 |
| 17 years | $2,459 |
| 19 years | $4,771 |
| 21 years | $7,083 |
| 23 years | $9,396 |
| 25 years | $11,708 |
Top Solar Installers in Wood Dale
Although it's possible to install solar panels on your own, it requires extra effort and handiness. That's one of the reasons most homeowners choose a solar panel installer. Some solar companies, particularly local ones, can help you make the most of incentives in Wood Dale, optimizing your ROI.
If you're looking for a solar installer in Wood Dale, the EcoWatch team has 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
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 Wood Dale
Factors that Affect Solar Panel Costs in Wood Dale
Although the average cost of a solar system in Wood Dale is $17,196, your actual cost may be above or below the average. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most important 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 $3,760 per kilowatt in Wood Dale.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Wood Dale homeowners decide to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also adds to your overall costs, so it’s important to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Wood Dale, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Wood Dale have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $3.91 | $16,424 | $4,341 | 19.8 years |
| 8 kW | $3.84 | $21,477 | $6,210 | 19.4 years |
| 10 kW | $3.76 | $26,320 | $8,288 | 19.0 years |
| 12 kW | $3.68 | $30,952 | $10,578 | 18.6 years |
| 14 kW | $3.61 | $35,374 | $13,078 | 18.3 years |
| 16 kW | $3.53 | $39,585 | $15,788 | 17.9 years |
| 18 kW | $3.46 | $43,586 | $18,709 | 17.5 years |
| 20 kW | $3.38 | $47,376 | $21,841 | 17.1 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Wood Dale, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Installation Process: When making the switch to solar, it’s crucial to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process works and 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 big 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
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 Wood Dale, IL Solar Cost FAQs
What is the average cost of installing solar panels in Wood Dale?
The average cost of solar panels in Wood Dale 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 things such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Wood Dale?
Leasing solar panels can be an option if you can’t 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 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 financial benefits from going solar.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Wood Dale is currently $306,953, so you could be looking at a value of about $12,585 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Wood Dale is a worthwhile investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.