Solar Panel Cost Guide in Coloma, IL (2024 Update)
- Coloma Solar Installation Cost: $17,039
- 25-Year Savings: $10,241
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Coloma
We break down average solar pricing in Coloma.
The national average cost of solar panels is $2.66 per watt, but in Coloma it’s 4 per watt.Since a 6.5-kW system is needed to cover the energy consumption of a typical home in Coloma, the average price of going solar will be about $17,039 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Coloma homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Despite the large initial cost, the average Coloma homeowner can save about $13,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar company in Coloma for a custom quote.
Solar savings over time in Coloma
| Year | Return on Investment |
|---|---|
| 1 years | $-15,882 |
| 3 years | $-13,570 |
| 5 years | $-11,258 |
| 7 years | $-8,945 |
| 9 years | $-6,633 |
| 11 years | $-4,321 |
| 13 years | $-2,008 |
| 15 years | $304 |
| 17 years | $2,616 |
| 19 years | $4,929 |
| 21 years | $7,241 |
| 23 years | $9,554 |
| 25 years | $11,866 |
Top Solar Installers in Coloma
Although you can install solar panels on your own, it takes extra energy and handiness. That's why almost all homeowners choose a solar panel installer. A solar installer can also help save you money over time by providing warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Coloma
Factors that Affect Solar Panel Costs in Coloma
For many Coloma homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Coloma, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,760. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Coloma to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest.However, the interest on solar loans also adds to your all-in costs, so it’s important to take that into consideration as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can affect the cost. Coloma’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Coloma 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 help you save 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 | $3.91 | $16,424 | $4,534 | 19.6 years |
| 8 kW | $3.84 | $21,477 | $6,466 | 19.2 years |
| 10 kW | $3.76 | $26,320 | $8,609 | 18.8 years |
| 12 kW | $3.68 | $30,952 | $10,962 | 18.5 years |
| 14 kW | $3.61 | $35,374 | $13,526 | 18.1 years |
| 16 kW | $3.53 | $39,585 | $16,301 | 17.7 years |
| 18 kW | $3.46 | $43,586 | $19,286 | 17.3 years |
| 20 kW | $3.38 | $47,376 | $22,481 | 17.0 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 models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based 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 the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Coloma, IL Solar Cost FAQs
How much does it cost to install solar panels in Coloma?
The average cost of solar panels in Coloma is about $18,800 for a 5-kW system and $37,600 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.
Is it better to lease or buy solar panels in Coloma?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback 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 option if you want to get the most savings.
Can you sell solar power back to the grid in Coloma?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.