Solar Panel Cost Guide in Waterloo, IA (2023 Update)
- Waterloo Solar Installation Cost: $18,903
- 25-Year Savings: $22,112
- Payback Period: 11.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Waterloo
We break down average solar pricing in Waterloo.
The average cost of a solar system in Waterloo is 2.77 per watt. Since a 9.8-kW system is needed to cover the energy consumption of a typical home in Waterloo, the average price of going solar will be about $18,905 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with. With typical savings of about $16,000 on power bills over 20 years, many homeowners in Waterloo find going solar has a decent ROI.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Waterloo
| Year | Return on Investment |
|---|---|
| 1 years | $-17,727 |
| 3 years | $-15,375 |
| 5 years | $-13,023 |
| 7 years | $-10,671 |
| 9 years | $-8,319 |
| 11 years | $-5,967 |
| 13 years | $-3,615 |
| 15 years | $-1,263 |
| 17 years | $1,089 |
| 19 years | $3,441 |
| 21 years | $5,793 |
| 23 years | $8,145 |
| 25 years | $10,497 |
Top Solar Installers in Waterloo
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Going with a solar company can make switching to solar power much easier. A solar company can also help save you money in the long run by providing warranties, repairs and system component replacements.
If you're looking for a solar company in Waterloo, the EcoWatch team has put together a list of our top suggestions here:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Waterloo
Factors that Affect Solar Panel Costs in Waterloo
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Waterloo: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you choose also affects the cost. In many cases, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Waterloo homeowners opt to finance their solar panel systems to make going solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Waterloo is the company you choose to install your solar system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services at different price points. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.88 | $12,099 | $13,144 | 12.0 years |
| 8 kW | $2.83 | $15,822 | $17,835 | 11.8 years |
| 10 kW | $2.77 | $19,390 | $22,681 | 11.5 years |
| 12 kW | $2.71 | $22,803 | $27,683 | 11.3 years |
| 14 kW | $2.66 | $26,060 | $32,840 | 11.1 years |
| 16 kW | $2.60 | $29,163 | $38,152 | 10.8 years |
| 18 kW | $2.55 | $32,110 | $43,619 | 10.6 years |
| 20 kW | $2.49 | $34,902 | $49,241 | 10.4 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Waterloo, IA Solar Cost FAQs
How much does it cost to install solar panels in Waterloo?
The average cost of solar panels in Waterloo is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Waterloo?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.