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

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

Energy consumers in Park Ridge usually use 601 kWh per month, with an average monthly bill of $114.22. Small residences, such as lofts and duplexes, are also encompassed in the figures mentioned in the prior sentence.

The electricity rate per kWh in Park Ridge, IL for October 2024 averages 18.99¢.

To cover their full power consumption requirements of an average user in Park Ridge, a solar power system of 5 kW or higher is a must. Currently, a 5 kW setup costs around $13,370 after incentives.

Are solar panels worth it in Illinois?

For those in Park Ridge intending to stay in their homes past the payback period of their solar system, solar panels make good sense. By installing a 5 kW solar system in Park Ridge, IL, you can expect to save around $14,042.8 over 20 years, with the break even point usually being 10 years.

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

Skipping solar panels or an alternative backup energy source results in you'll miss out on the savings highlighted before and be completely dependent on your electric utility for power. As recent news articles have shown, full dependence on your utility provider is not always ideal.

On average, customers in Park Ridge have experienced 0.59 utility outages per year over the past few years. Typically, outages have an average duration of 48.99 minutes. However, during significant events such as equipment failure, hurricanes or wildlife damage, these times can drastically increase.

Whether equipped with a backup battery or not, a solar panel system can reduce the strain of potential future outages.

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

Your Energy Needs - The upfront cost for larger solar panel systems is larger, but the cost per watt reduces as the system size expands. Many consumers realize it's a good idea to set up a solar system that can make enough power to offset their electric bill, because it helps them achieve greater savings.

Make & Model - There are a range of makes and models of solar panels and mounting equipment. Since your contractor may prefer particular brands, it's crucial to select a highly rated company. Choosing better quality materials can yield a much better long-term experience for the buyer.

Solar Panel Type - For several valid reasons, monocrystalline panels are now the industry standard. They come with a higher price, but they provide more energy. Most solar panel installers opt for this type of material.

Your Property - Each home and property is unique in its own way. Uneven land, trees, or additional considerations may complicate the installation. Today, the majority of solar installers can assess your home with satellite images and factor in these considerations in the preliminary cost estimate.

Labor Rates - Companies provide varying pay rates to their employees, which are then shown in the prices consumers pay. Businesses tend to receive higher reviews for their services and customer service when they pay better wages.

Permitting & Interconnection - Local permitting and utility interconnection fees, which vary by area, will influence your installation cost. That said, reputable local installers will be able to incorporate these numbers into your first quotes so there are no surprises.