Solar Panel Cost Guide in New Lenox, IL (2024 Update)
- New Lenox Solar Installation Cost: $16,997
- 25-Year Savings: $10,271
- Payback Period: 18.8 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in New Lenox
Let’s have a look at the average cost of solar panels in New Lenox.
In New Lenox, solar panels cost about 4 per watt on average.Because a 6.5-kW system is needed to cover the energy usage of a typical home in New Lenox, the average price of going solar will be about $16,997 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy usage and what installation company you go with.With typical savings of about $13,000 on electricity bills over 20 years, many homeowners in New Lenox find going solar can be quite rewarding.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in New Lenox
Year | Return on Investment |
---|---|
1 years | $-15,841 |
3 years | $-13,529 |
5 years | $-11,216 |
7 years | $-8,904 |
9 years | $-6,592 |
11 years | $-4,279 |
13 years | $-1,967 |
15 years | $345 |
17 years | $2,658 |
19 years | $4,970 |
21 years | $7,282 |
23 years | $9,595 |
25 years | $11,907 |
Top Solar Installers in New Lenox
Trying to install solar panels yourself can be a time-consuming task, which is why using a solar installation company is a good option for many homeowners. Another great thing about using a reputable solar installer is that it'll likely provide warranties and free repairs, which help protect your solar system over time.
If you’d like to switch to solar energy but still aren’t sure which solar installer to go with, here are our recommendations for providers in New Lenox:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 New Lenox
Factors that Affect Solar Panel Costs in New Lenox
There are many criteria that can influence your 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
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend about $3,760 per kilowatt in New Lenox.The type of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment is 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 researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Although solar loans make going solar more accessible for New Lenox homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in New Lenox is the company you hire to install your PV system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services for different budgets.Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $4,584 | 19.5 years |
8 kW | $3.84 | $21,477 | $6,534 | 19.2 years |
10 kW | $3.76 | $26,320 | $8,694 | 18.8 years |
12 kW | $3.68 | $30,952 | $11,064 | 18.4 years |
14 kW | $3.61 | $35,374 | $13,645 | 18.0 years |
16 kW | $3.53 | $39,585 | $16,436 | 17.7 years |
18 kW | $3.46 | $43,586 | $19,438 | 17.3 years |
20 kW | $3.38 | $47,376 | $22,651 | 16.9 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- 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 companies that have great reviews from their customers and that have been operating for many years most likely offer high-quality solar panel installation and expertise.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 New Lenox, IL Solar Cost FAQs
What is the average cost of installing solar panels in New Lenox?
The average cost of solar panels in New Lenox 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in New Lenox?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is going solar worth it?
Solar panels can be a beneficial investment for most 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 pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.