Solar Panel Cost Guide in Waterloo, IA (2024 Update)
- Waterloo Solar Installation Cost: $27,365
- 25-Year Savings: $22,112
- Payback Period: 16.7 Years
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Average Cost of Solar Panels in Waterloo
Find out what the average cost of installing solar panels is in Waterloo.
While the national average of solar panels is $2.66 per watt, solar panels in Waterloo generally cost around 4.Using this figure, a typical 9.7-kW system would cost about $27,365 before the 0 federal solar tax credit is applied.
How much you pay can be above or below the average in Waterloo depending on a few factors, such as the model of solar panels you choose and the solar company you hire.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Waterloo can save about $16,000 on their energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Waterloo for a quote for your home.
Solar savings over time in Waterloo
| Year | Return on Investment |
|---|---|
| 1 years | $-26,189 |
| 3 years | $-23,837 |
| 5 years | $-21,485 |
| 7 years | $-19,133 |
| 9 years | $-16,781 |
| 11 years | $-14,429 |
| 13 years | $-12,077 |
| 15 years | $-9,725 |
| 17 years | $-7,373 |
| 19 years | $-5,021 |
| 21 years | $-2,669 |
| 23 years | $-317 |
| 25 years | $2,035 |
Top Solar Installers in Waterloo
When switching to solar energy, many homeowners decide to use a solar installation company since putting up a solar system yourself can be a challenging project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Waterloo:
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
Though the average cost of a solar system in Waterloo is $27,365, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,010.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the Waterloo average.
Solar Financing Terms
Most solar companies in Waterloo offer solar loans, which reduce the initial cost of installing solar panels.You’ll have to consider the long-term cost of loans, including the amount of 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 securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Waterloo, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.17 | $17,516 | $7,727 | 17.3 years |
| 8 kW | $4.09 | $22,905 | $10,752 | 17.0 years |
| 10 kW | $4.01 | $28,070 | $14,001 | 16.7 years |
| 12 kW | $3.93 | $33,010 | $17,475 | 16.3 years |
| 14 kW | $3.85 | $37,726 | $21,174 | 16.0 years |
| 16 kW | $3.77 | $42,217 | $25,097 | 15.7 years |
| 18 kW | $3.69 | $46,484 | $29,245 | 15.3 years |
| 20 kW | $3.61 | $50,526 | $33,617 | 15.0 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Waterloo, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, completion timeline rebates and warranties.
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?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $20,050 for a 5-kW system and $40,100 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will solar panels impact my home value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.