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

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

The typical energy consumer in Oak Park has a monthly electric bill of $114.22 and uses 601 kWh on average. Compact apartments are also encompassed in the numbers noted in the prior sentence. The lower energy use in these types of dwellings impacts those averages.

As of October 2024, the average rate for electricity per kWh in Oak Park, IL is 18.99¢.

In Oak Park, average users has to have a system size of 5 kW or greater to fully take care of all of their energy usage requirements. Before incentives, a 5 kW solar system is around $19,050, with the federal tax credit returning 30% of your investment amount, reducing the price to $13,335.

Are solar panels worth it in Illinois?

If you foresee living in your home longer than the solar system's payback period, installing solar panels is an smart decision in Oak Park. By installing a 5 kW solar system in Oak Park, IL, you can expect to save approximately $14,077.8 over 20 years, with the break even point typically being 10 years.

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

Failing to have solar panels or an alternative backup energy results in missing the savings mentioned earlier and being completely reliant on your electric utility for electricity. Numerous recent examples in the news have highlighted that complete reliance on your utility company is not always the best option.

In recent times, utilities in Oak Park have recorded an average of 0.59 outages per customer annually. Typically, outages have an average duration of 48.99 minutes. However, during significant events such as thunderstorms, wildlife damage, or grid management errors, these times can drastically increase.

A solar panel system, whether or not it has a backup battery, could reduce the impact of future outages you might experience.

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

Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is lowered as the system size grows. For most homeowners, setting up a system that can generate enough power to eliminate their entire electric bill is useful, providing significant savings.

Make & Model - Solar panels, like many other products, are available in various makes and models. Your contractor’s potential brand preferences make it crucial to choose a reputable contractor. For buyers desiring a more favorable long-term experience, investing in superior quality makes and models is critical.

Solar Panel Type - The standard in the industry is now monocrystalline panels, and justifiably so. These panels have a higher cost but yield more energy. The majority of installers in the industry work with panels constructed of this material.

Your Property - Trees, uneven landscapes, or other obstacles can increase the complexity of the installation. These days, solar installers can leverage satellite images to assess your home and factor in these factors into the first cost estimate.

Labor Rates - Companies compensate their employees in varying amounts, and these costs are borne by consumers. Companies that invest in higher wages often see higher reviews for their work and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which vary by region, will influence your final installation cost. Reliable local installers will build these figures into your preliminary estimates to prevent any surprises.