Solar Panels Cost $2.5k-$12k in New Lenox, IL | October, 2024

Electricity Costs in New Lenox, IL & What that Means for Your Solar Panel Pricing

On average, New Lenox residents pay $114.22 for their electric bill each month and consume 601 kWh. Flats and small homes with lower energy consumption are covered in this number.

In October 2024, the average electricity rate in New Lenox, IL amounts to 18.99¢ per kWh.

If you’re a typical energy consumer in New Lenox, you will need a solar power system sized at 5 kW or more to meet all your electricity needs. Presently, a 5 kW solar panel system costs $12,775 when including the 30% federal income tax credit.

Are solar panels worth it in Illinois?

For homeowners in New Lenox who expect to stay in their residence beyond the solar payback period, solar panels make an good investment. A 5 kW solar system in New Lenox, IL could potentially save you $14,637.8 over the course of 20 years, with the break even point averaging at 9 years.

The cost of not having solar panels in New Lenox, IL

The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and depend on your electric utility for electricity. Many recent news articles have revealed that complete dependence on your utility isn't always the best option.

Customers in New Lenox have faced around 0.59 outages per year on average. Typically, outages have an average duration of 48.99 minutes. However, during significant events such as landslides, grid management errors, or wildlife damage, these times can drastically increase.

Whether it comes with a backup battery or not, a solar panel system could alleviate the strain of any future power interruptions you may encounter.

What impacts the cost of solar panels in New Lenox, IL?

Your Energy Needs - Larger solar panel systems have a higher upfront cost, but the cost per watt diminishes. Most consumers see the usefulness in setting up a solar setup that can generate enough power to cover their entire electric bill, leading to significant savings.

Make & Model - Solar panels and mounting equipment, like many other products, are available in different makes and models. The installer you choose may have specific brand preferences, so it's crucial to choose a reputable installer. To ensure a better long-term experience, buyers should consider higher quality models.

Solar Panel Type - The industry standard is now monocrystalline panels, and rightly so. Even with a higher cost, this technology produce more energy. The majority of installers opt for panels crafted using this material.

Your Property - Uneven land, trees, or additional hindrances can make the installation process more challenging. Nowadays, many solar installers can leverage satellite imagery to assess your home and include these aspects into the initial cost estimate.

Labor Rates - The different wages that companies offer their employees result in costs that are ultimately passed on to consumers. Higher wages often lead to companies getting better reviews for their services and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which change by area, will influence your installation cost. Reputable local installers will include these figures in your initial estimates to provide transparency.