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

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

On average, Park Forest energy consumers have a monthly electric bill of $114.22 and use 601 kWh. Please note that this number also encompasses data from smaller residential units, including apartments.

The rate of electricity in Park Forest, IL, on average, is 18.99¢ per kWh for October 2024.

In Park Forest, typical users has to have a system size of 5 kW or greater to fully take care of their full power needs. Currently, a 5 kW setup costs around $18,700 before incentives, with the 30% federal tax credit, the price lowers to $13,090.

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, opting for solar panels is a good move in Park Forest. A 5 kW system in Park Forest, IL will help you save the average homeowner, on average, $14,322.8 over a 20 period and the average break even point is 10 years.

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

The absence of solar panels or an alternative energy backup means that you miss out on the savings mentioned earlier and depend on your electric utility for electricity. The news has given several examples highlighting that full reliance on your utility isn't always the best idea.

Customers in Park Forest have experienced around 0.59 outages per year on average. Each outage lasts an average of 48.99 minutes. In the case of major events such as grid management errors, hurricanes or vandalism, this period can increase substantially.

A solar panel system, with or without a backup battery, could help mitigate the effects of future outages you might encounter.

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

Your Energy Needs - Larger solar panel systems require more upfront investment, but the cost per watt drops as the size of the system expands. Installing a solar system that generates sufficient electricity to eliminate their electric bill is beneficial to most consumers, leading to savings.

Make & Model - There are numerous brands and models of solar panels and mounting equipment. Since your installer may prefer particular systems, it's important to choose a highly rated company. Opting for higher quality equipment generally provides a more satisfying long-term experience for the buyer.

Solar Panel Type - Monocrystalline panels have taken over as the standard in the industry, and it's easy to see why. They are associated with a higher price, but they provide more energy. The majority of solar panel installers prefer this kind of material.

Your Property - Each property and residence is unique. Issues such as trees, uneven landscapes, or additional challenges may add to the complexity of the installation. Solar installers currently have the ability to utilize satellite images to evaluate your home and incorporate these elements in the initial cost estimate.

Labor Rates - The wage differences between companies result in costs that are passed on to the consumers. Businesses frequently receive higher reviews for their services and customer service when they pay higher wages.

Permitting & Interconnection - The local permitting and utility interconnection fees, which change by region, will affect your final installation price. Reliable local installers will build these figures into your initial estimates to avoid any surprises.