Solar Panels Cost $2.6k-$13k in Elmwood Park, IL | October, 2024

Electricity Costs in Elmwood Park, IL & What that Means for Your Solar Panel Pricing

The average monthly electricity cost for a Elmwood Park consumer is $114.22, with an average usage of 601 kWh. These statistics encompass apartments and other smaller housing units, which usually have reduced energy consumption.

The average electricity rate in Elmwood Park, IL in October 2024 is 18.99¢ per kWh.

To satisfy the electricity requirements of an average user in Elmwood Park, a solar panel system of 5 kW or more is essential. Upfront, a 5 kWsolar system costs about $18,900, with the 30% tax credit, the total comes down to $13,230.

Are solar panels worth it in Illinois?

If your plan is to stay in your home past the time it takes to pay off your solar system, installing solar panels is a wise move in Elmwood Park. Over a 20 year time frame, a 5 kW solar system in Elmwood Park, IL could save you around $14,182.8, with the average break even time being 10 years.

The cost of not having solar panels in Elmwood Park, IL

Without solar panels or another backup power source, you lose out on the earlier mentioned savings and are fully dependent on your electric utility for electricity. As demonstrated by recent news, complete reliance on your utility isn't always the most favorable situation.

Normally, customers in Elmwood Park face around 0.59 outages. The average length of an outage is 48.99 minutes. In events like wildfires, planned maintenance, or aging infrastructure, this duration can extend significantly.

A solar energy system, whether it includes a backup battery or not, should help relieve the burden of future power outages you may encounter.

What impacts the cost of solar panels in Elmwood Park, IL?

Your Energy Needs - Even though larger solar panel systems have a higher initial cost, the cost per watt decreases. Many homeowners find it advantageous to install a system that can produce enough electricity to fully cover the entirety of their electric bill. This math makes the most sense for maximum savings.

Make & Model - Solar panels and mounting equipment, like many other products, are available in a variety of makes and models. Your installer’s brand preferences might require picking a reputable installer. Superior quality materials frequently result in a more satisfactory long-term experience for buyers.

Solar Panel Type - The industry standard is now monocrystalline panels, and justifiably so. Even though they are more expensive, they generate more energy. Many installers utilize panels crafted from this material.

Your Property - No two properties or homes are the same. Trees, irregular terrain, or other obstructions can make the installation process more challenging. With the use of satellite images, many solar installers nowadays can assess your home and include these elements into the first cost estimate.

Labor Rates - The varying wages that companies give their employees result in costs that are ultimately transferred to consumers. Higher wages generally correlate with better reviews for businesses' work and customer service.

Permitting & Interconnection - The cost of installation will change depending on local permitting and utility interconnection fees. Experienced local installers will include these figures in your preliminary estimates to guarantee transparency.