Solar Panel Cost Guide in New Trier, IL (2024 Update)
- New Trier Solar Installation Cost: $16,818
- 25-Year Savings: $11,780
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in New Trier
Find out what the average cost of installing solar panels is in New Trier.
In New Trier, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in New Trier, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $16,818, or $24,050 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of equipment you choose, your solar contractor and more.Many homeowners find installing solar panels is a rewarding investment. The average homeowner in New Trier can save about $14,000 on their energy 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 New Trier
| Year | Return on Investment |
|---|---|
| 1 years | $-15,662 |
| 3 years | $-13,350 |
| 5 years | $-11,038 |
| 7 years | $-8,725 |
| 9 years | $-6,413 |
| 11 years | $-4,100 |
| 13 years | $-1,788 |
| 15 years | $524 |
| 17 years | $2,837 |
| 19 years | $5,149 |
| 21 years | $7,461 |
| 23 years | $9,774 |
| 25 years | $12,086 |
Top Solar Installers in New Trier
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar company can make switching to solar power much easier. Another perk of going with a solar installer is that they can help you make the most of your investment by bringing down your future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
If you’d like to go solar but still aren’t sure which solar installer to go with, here are our recommendations for providers in New Trier:
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 Trier
Factors that Affect Solar Panel Costs in New Trier
The cost of installing a solar system in New Trier can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,760.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. In addition, add-on products, like solar batteries, can bring your total well above the New Trier average.
Solar Financing Terms
Many homeowners find the average cost of solar in New Trier to be too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time due to interest.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you choose to install your solar panels can play a role in determining how much it costs. New Trier’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $3.91 | $16,424 | $6,103 | 18.2 years |
| 8 kW | $3.84 | $21,477 | $8,559 | 17.9 years |
| 10 kW | $3.76 | $26,320 | $11,225 | 17.5 years |
| 12 kW | $3.68 | $30,952 | $14,101 | 17.2 years |
| 14 kW | $3.61 | $35,374 | $17,189 | 16.8 years |
| 16 kW | $3.53 | $39,585 | $20,486 | 16.5 years |
| 18 kW | $3.46 | $43,586 | $23,995 | 16.1 years |
| 20 kW | $3.38 | $47,376 | $27,714 | 15.8 years |
How to Save on Solar Panels
The company that does your system 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 a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
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 Trier, IL Solar Cost FAQs
What is the average cost of installing solar panels in New Trier?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
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.