Solar Panel Cost Guide in Oakbrook, KY (2023 Update)
- Oakbrook Solar Installation Cost: $15,837
- 25-Year Savings: $20,547
- Payback Period: 10.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oakbrook
Find out what the average cost of solar panel installation is in Oakbrook.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Oakbrook, the average cost of a solar system is 2.34 per watt. The average solar panel system size in Oakbrook is around 9.7 kilowatts, meaning a cost of about $15,839 for a solar installation, or $22,650 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Oakbrook depending on a few factors, such as the model of solar panels you choose and the solar installer you hire. For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Oakbrook see about $14,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Oakbrook
| Year | Return on Investment |
|---|---|
| 1 years | $-14,643 |
| 3 years | $-12,253 |
| 5 years | $-9,864 |
| 7 years | $-7,475 |
| 9 years | $-5,086 |
| 11 years | $-2,696 |
| 13 years | $-307 |
| 15 years | $2,082 |
| 17 years | $4,472 |
| 19 years | $6,861 |
| 21 years | $9,250 |
| 23 years | $11,639 |
| 25 years | $14,029 |
Top Solar Installers in Oakbrook
Although you can install solar panels on your own, it involves extra effort and handiness. That's why most homeowners choose to go with a solar panel installer. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
If you're on the hunt for a solar company in Oakbrook, the EcoWatch team has 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
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 Oakbrook
Factors that Affect Solar Panel Costs in Oakbrook
Although the average cost of a solar system in Oakbrook is $15,839, your actual cost may differ. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,340. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Oakbrook, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Oakbrook to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more 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 lower the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Oakbrook, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.43 | $10,221 | $12,357 | 11.3 years |
| 8 kW | $2.39 | $13,366 | $16,739 | 11.1 years |
| 10 kW | $2.34 | $16,380 | $21,251 | 10.9 years |
| 12 kW | $2.29 | $19,263 | $25,894 | 10.7 years |
| 14 kW | $2.25 | $22,015 | $30,669 | 10.4 years |
| 16 kW | $2.20 | $24,636 | $35,574 | 10.2 years |
| 18 kW | $2.15 | $27,125 | $40,610 | 10.0 years |
| 20 kW | $2.11 | $29,484 | $45,778 | 9.8 years |
How to Save on Solar Panels
There are many companies to choose from in Oakbrook, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project timeline incentives 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.
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Solar Panel Brands: The type of solar panel you need plays a part in which company you should opt for, since different companies have different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Oakbrook, KY Solar Cost FAQs
What is the average cost of installing solar panels in Oakbrook?
The average cost of solar panels in Oakbrook is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Oakbrook?
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 can't take advantage of 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.
Does Oakbrook have a net metering program?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out how many solar panels 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 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.