Solar Panel Cost Guide in Oak Park, MI (2023 Update)
- Oak Park Solar Installation Cost: $12,151
- 25-Year Savings: $12,969
- Payback Period: 12.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oak Park
Let's have a look at the average cost of solar in Oak Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Oak Park, the average cost of solar panels is 2.81 per watt. The average solar panel system size in Oak Park is around 6.2 kilowatts, meaning a cost of about $12,156 for a solar installation, or $17,383 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy usage and what company you go with. For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $15,000 in savings on energy bills over 20 years.
Click the button below to get connected to a vetted solar installer in Oak Park for a personalized estimate.
Solar savings over time in Oak Park
| Year | Return on Investment |
|---|---|
| 1 years | $-12,067 |
| 3 years | $-11,899 |
| 5 years | $-11,732 |
| 7 years | $-11,565 |
| 9 years | $-11,397 |
| 11 years | $-11,230 |
| 13 years | $-11,062 |
| 15 years | $-10,895 |
| 17 years | $-10,727 |
| 19 years | $-10,560 |
| 21 years | $-10,392 |
| 23 years | $-10,225 |
| 25 years | $-10,057 |
Top Solar Installers in Oak Park
Many homeowners decide to hire a solar installer since trying to put up solar panels by yourself can be time-consuming. Also, if you'd like to maximize your investment in solar, going with a solar company can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives and net metering programs.
If you're searching for a solar installer in Oak Park, the EcoWatch team has organized a list of our top suggestions here:
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
See all of the solar companies in Oak Park
Factors that Affect Solar Panel Costs in Oak Park
Though the average cost of a solar system in Oak Park is $12,156, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. There are several different solar panel brands and the one you choose also affects the cost. Usually, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Oak Park have solar loans, which reduce your upfront costs of installing solar. 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies in Oak Park, and each can charge varying amounts for labor and equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.92 | $12,274 | $12,125 | 12.6 years |
| 8 kW | $2.87 | $16,051 | $16,481 | 12.3 years |
| 10 kW | $2.81 | $19,670 | $20,995 | 12.1 years |
| 12 kW | $2.75 | $23,132 | $25,666 | 11.9 years |
| 14 kW | $2.70 | $26,436 | $30,494 | 11.6 years |
| 16 kW | $2.64 | $29,584 | $35,480 | 11.4 years |
| 18 kW | $2.59 | $32,574 | $40,623 | 11.1 years |
| 20 kW | $2.53 | $35,406 | $45,924 | 10.9 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Warranty: If you're concerned about the endurance of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Before signing a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: The type of solar panel you need plays a role in which installer you should opt for, since different companies have different panels.
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
EcoWatch's Oak Park, MI Solar Cost FAQs
How much does it cost to install solar panels in Oak Park?
The average cost of solar panels in Oak Park is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Oak Park?
Solar panels aren't free in Oak Park, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Oak Park?
Solar panels can be a fruitful investment for many 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 reasonably low, solar panels might not be for you.
How long do solar panels last in Oak Park?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.