Solar Panel Cost Guide in Waterloo, IA (Mar 2023)
- Waterloo Solar Installation Cost: $18,905
- 25-Year Savings: $22,110
- Payback Period: 11.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Waterloo
Find out what the average cost of solar panels are in Waterloo.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Waterloo, the typical cost of solar panels is 2.77 per watt. The average solar panel system size in Waterloo is around 9.8 kilowatts, meaning a cost of about $18,905 for a solar installation, or $27,034 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy consumption and what installation company you go with. With typical savings of about $16,000 on utility bills over 20 years, many homeowners in Waterloo find going solar can pay off big.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Waterloo
| Year | Return on Investment |
|---|---|
| 1 years | $-17,265 |
| 3 years | $-13,983 |
| 5 years | $-10,702 |
| 7 years | $-7,421 |
| 9 years | $-4,140 |
| 11 years | $-859 |
| 13 years | $2,423 |
| 15 years | $5,704 |
| 17 years | $8,985 |
| 19 years | $12,266 |
| 21 years | $15,547 |
| 23 years | $18,829 |
| 25 years | $22,110 |
Top Solar Installers in Waterloo
Many homeowners choose to hire a solar panel company since trying to install solar panels by yourself can be a labor-intensive endeavor. Companies can also have access to quality options of the best solar panels and help you decide which one will be right for your family.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Waterloo
Factors that Affect Solar Panel Costs in Waterloo
The cost of installing a solar system in Waterloo can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,770. The brand of solar panels and equipment you want is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Further, solar equipment is more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Waterloo to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in a higher cost over time due to interest. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Waterloo, you'll have many options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Waterloo know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Contract: Look through the contract terms closely to make sure you understand the overall cost, project completion timeline rebates and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 things like the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Waterloo?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.